The Adani Group Solar System (Update 2)

JC Parets
June 12, 2021

Early in February, we had published a post discussing the Adani Group and its targets as well as risk management levels. We published a follow-up post with revised targets and risk management levels in April this year.

Well, it's that time again where we update the levels and see what's in store for this group.

Here's to more rotations and revolutions in this particular solar system. Off we go on our rocket ship to see what the charts have to say!

We created a Custom index of Equally weighted Adani Group stocks. As you can see, this particular line chart only requires an extension in the headspace area. Keeps moving higher and higher.

Click on chart to enlarge view.

Now let’s take a look at individual stocks and where they stand at present.

Adani Green has been moving in a sideways consolidation and hasn't found its direction yet. 1,330 has proven to be a reasonable level of resistance whereby the price is unable to move past it. The indicator too has cooled off and moved lower.

For an immediate term outlook, we are bullish only if the price moves past 1,330. In which case, the target would be 1,575.

Adani Enterprise is currently trading close to our target of 1,720. We're seeing a slight pause here in price action with the indicator moving slightly lower. A certain amount of profits can be booked at this level.

A buy initiation would be triggered only if the price moves past 1,720 and sustains above it. In that case, the next target to track would be 2,710.

Adani Total Gas moved past its resistance level of 1,385. The price is yet to achieve its target of 2,190 and is strong on both an absolute as well as a relative basis.

Adani Transmission moved past its earlier target of 1,075 and has halted near its resistance of 1,650. The indicator is hinting at a minor negative divergence. It will be interesting to see how this play's out.

We are bullish only if the price moves past the level of 1,650. Until then, this would be a good place to book some profit. In case of another breakout, the target to track would be 2,575.

Adani Ports in on a little bit of a pause as we speak. The price hasn't had success in moving past the resistance of 795 in the recent past. However, as long as the price is above 795, we are bullish. Only a breakdown below 795 would trigger exiting this position.

If the price manages to sustain above the risk management level of 795, the target to track would be near 1,160.

Adani Power has been the dark of the group since February this year. As of now, the price needs to hold above the level of 156 in order to remain bullish in the near term. A rollover from here would mean another sideways move.

Notice, however, that the price breaks above a resistance level and then moves sideways upon reaching its next level of resistance. Could that repeat again? Maybe. But the takeaway from this is that for the next leg of the rally, the price must sustain above 156.

The only adjustment, here again, was increasing the margin space at the top of the page. Will these moves sustain? Well, we're just going to have to see!

Thanks for reading and please let us know if you have any questions.

Allstarcharts Team

Filed Under