Most of you might have watched the blockbuster TV series based on stock market veteran, Harshad Mehta - the Gujarati trader.
Three decades later and another Gujarati is in the news. Some headlines now read the Rise and Fall of Gautam Adani!
When Adani group stocks were rising, investors enjoyed the taste of jalebi and fafda, the Gujarati delicacy.
But the tables have turned, and they are enjoying the locha and lafda, the problems.
Adani group stocks are falling like pack of cards as some stocks have already slumped over 50% since the release of Hindenburg report.
With the current fall in stock prices, Gautam Adani has now slipped below the top 20 in the Forbes Billionaires list.
In the piece I wrote yesterday, I highlighted the Adani Marketcap Weighted Index and shared the technical patterns on the chart. Check it out here in case you haven't already: Adani Group Stocks: Beginning of the End?
In this piece, I'm adding the stocks and their charts which are trading at their long-term support area from the Adani Group.
Please note these are not recommendations. Our aim is to only share what the popular technical tools are indicating about the future course of action.
Before taking any decision, be sure to do your own study. The volatility may prolong in Adani group stocks. Always trade with a stop loss.
At present, most Adani stocks are trading deep in the red with Adani Enterprises share price crashing 35% before recovering to trade with 20% cut.
Meanwhile, Adani Green Energy and Adani Transmission are down 10%.
I'll share more on his trend on my Telegram group. If you're interested in being part of my charting journey as I share how to create wealth from profitable trade setups, join my telegram channel - Fast Profits Daily.
Disclaimer: This article is for information purposes only. It is not a stock recommendation and should not be treated as such. Learn more about our recommendation services here...
Brijesh Bhatia Research Analyst and expert chartist, is the editor of Alpha Wave Profits. Fully committed to his craft, Brijesh has mastered the art of making money by trading using technical analysis. Brijesh has an MBA from ICFAI and 16 years of experience in India's financial markets. He began his career on Dalal Street as commodities dealer and it wasn't long before he developed his own unique trading system. Brijesh worked on his trading system until it could be expected to deliver 5 units of return for every unit of risk.
Equitymaster requests your view! Post a comment on "Adani Group Stocks: Should You Catch These Falling Knives?". Click here!
Comments are moderated by Equitymaster, in accordance with the Terms of Use, and may not appear
on this article until they have been reviewed and deemed appropriate for posting.
In the meantime, you may want to share this article with your friends!