INSUBCONTINENT EXCLUSIVE:
declines to the 85% downside flagged by Hindenburg Research.The combined market value of the 10 listed companies in the group has slumped by
$146 billion, or about 60%, since the US-based short seller released its report almost a month ago, alleging accounting fraud and stock
affected by technical levels, according to a Bloomberg analysis
Charts point to further declines for flagship Adani Enterprises Ltd, tests of support for Adani Transmission Ltd and Adani Ports - Special
Economic Zone Ltd, and a let up in losses for Adani Power Ltd.Adani EnterprisesAdani Enterprises has slumped about 60% from its close on Jan
It has room to decline another 26% before finding initial support at the February 3 intraday low of 1,017 rupees, or 33% before touching
support from multiple Fibonacci levels in the area between 910 rupees to 925 rupees
Just above that zone is the value level of 945 rupees per share ascribed to the stock by Aswath Damodaran, a New York University finance
professor known for his expertise on valuation.Adani Transmission: On the BrinkAdani Transmission, which has tumbled 73% since the
Hindenburg report, is already testing the lower bound of support in a long-term parallel channel
Failure to arrest the decline here would open the shares to a further drop of about 20% before the next likely support around 600 rupees,
where there is a cluster of Fibonacci levels
The stock has fallen by the 5% limit on every trading day since February9.Adani Ports: Bounce TestAdani Ports - Special Economic Zone has
tumbled 44% from its September high, but has lost only 28% since the Hindenburg report was published Jan
3 low was assisted by a cluster of Fibonacci levels lying between 370 rupees and 410 rupees
Holding above this zone would open the way to pushing above 650 rupees, while a breach below would bring into play the pandemic crash lows
of around 200 rupees.Adani Power: Decline stallsRecent price action suggests some buyers are starting to see value in Adani Power after an
The shares are down about 43% from their Jan
lower line of a long-term rising channel
The odds of a larger rebound will increase only if the shares break above resistance at 191 rupees
Failure to do so would make the zone from 136 rupees to 141 rupees vulnerable, creating the risk of a drop to around 100 rupees.
