- Summary:
- ADANI Enterprises Share Price Forecast: Our analysis suggests that NSE: ADANIENT might remain sideways in the coming months.
Adani (NSE: ADANIENT) Enterprises share price is currently in the midst of a recovery after a brutal collapse in the past few months. The conglomerate of the Indian billionaire Gautam Adani has taken a massive hit since the short-selling firm Hindenburg Research’s report on his empire. The report accused the Adani siblings of committing financial fraud by violating Indian securities law.
Even though Adani rejected the allegations mentioned in the report, it was still enough to tank the shares of the Adani Group’s companies. Adani Enterprise share price also took a major hit as the stock tanked by 70% within a week.
Adani Enterprises Likely To Make It To Sensex
According to the most recent Adani Group news, Adani Enterprises may soon enter the benchmark index BSE Sensex. The index represents the 30 well-established Indian companies with strong financials. This is likely to occur due to the recent merger of HDFC and HDFC Bank, which may take 2-3 months.
Adani Enterprises share price may surge a lot if it gets added to Sensex as the move can potentially inject around $120 million or ₹1000 crore into the stock by the passive index investment funds. In other news, billionaire investor Rajiv Jain has said that he would double his $2 billion investment in the Adani Group within the next five years.
Adani Enterprises Share Price Consolidates After The Crash
The following NSE: ADANIENT chart is quite self-explanatory. It is evident from the chart that the brutal crash has wiped out years of growth in the share price. Despite a 66% price surge from February 2023 bottom, the shares are still trading 57% lower than their 2022 all-time high.
Technical analysis of the chart reveals certain key levels that the price may respect in the coming months. My Adani Enterprises share price forecast will remain bearish as long as it remains below the 200-day moving average. The 200 MA on the daily chart currently lies at ₹2952,, which is 68% above the current price. In the near future, I expect the shares to keep trading within the ₹1027-₹2200 trading range.
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