Adani Group stocks fall amid weak market sentiment; Adani Enterprises, Adani Ports shares top Nifty 50 laggards
Adani Enterprises (down 3.14%) and Adani Ports and Special Economic Zone (down 2.34%). According to analysts, Adani Enterprises share price has been consolidating in a range since last few weeks. The stock is now trading around it's crucial support of 2,300.
On the other side, for Adani Ports and Special Economic Zone shares price's short term momentum looks weak as the stock has breached it's support of 785. A follow up move below this can lead to further correction in the short term. "Adani Enterprise stock is currently trading near its 200-day Simple Moving Average (SMA) and the crucial support level of 2,340.
A close below 2340 may lead to a further decline towards 2,210 and 2,160 in the near term. Immediate resistance is looking around 2,375, above which the stock may exhibit signs of a reversal. Adani Ports stock is presently trading close to its 100-day Simple Moving Average (SMA).
A close below 770 could trigger the next downward movement for Adani Ports. A break below 770 may extend the downtrend towards 725 and 700. Immediate resistance is near 800, and a breakthrough above this level may indicate the stock is showing signs of a reversal," said Riyank Arora, Technical Analyst of Mehta Equities.
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