Adani Enterprises (NSE: ADANIENT) share price had the first green day today in the last five trading sessions. The shares of Gautam Adani’s holding company are currently 48.53% down from their yearly open. The stock is currently in the midst of a recovery after a brutal sell-off which was triggered by Hindenburg Research’s report.
On Thursday, Adani Enterprises shares rose by 4.89%. The shares surged above 2,013, which was the highest level for the stock in the past two months. However, the stock failed to gain strength above the key psychological level and closed the day at 1984.65.
According to the most recent Adani Group news, its three firms are considering raising $5 billion. It is worth mentioning here that one of the biggest Indian conglomerates had to cancel its $2.5 billion share sale due to the Hindenburg controversy. This increased the selling pressure on the already tanking Adani Enterprises share price.
According to the sources familiar with the matter, Adani Enterprises, Adani Green Energy, and Adani Transmission may raise $3-$5 billion. The company is holding board meetings to consider the proposals to raise funds.
Technical analysis of NSE: ADANIENT chart reveals key levels of support and resistance on the chart. Considering the recent price action, the shares may retest the 2,200 level soon. This will be a very critical retest and may most likely result in a rejection.
Only a reclaim of the 2,200 level can make Adani Enterprises share price forecast bullish. Considering the current market dynamics, this seems to be a tough ask for the bulls. As soon as the price remains below this level, Bears will remain in full control.
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This post was last modified on May 11, 2023, 15:34 BST 15:34