Adani Group Stocks Surge At Risk Of Reversal Now, Indicator Shows

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The stock rallies of Gautam Adani's companies, which expanded their fortunes by beating all other billionaires globally, are set for a reversal.

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TD Sequential, a widely followed DMark technical indicator that forecasts a three-time decline at Adani Enterprises Ltd since 2009, suggests that shares fell nearly 6% last week.

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The stock continued to reduce its profit by more than 100% for the year. It also hints at losses for shares of Adani Total Gas Ltd and Adani Ports and Special Economic Zone Ltd.

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Adani, who started the year as number 14 on the Bloomberg Billionaires Index, rose to second place last week before his company shares plunged and made some gains in his wealth.

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Shares of his flagship Adani Enterprises rose to a record last month, and some of his companies, including Adani Total, have climbed more than 1,000% over the past two years.

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"Technical indicators suggest that these three adani group stocks will face significant headwinds," said Kunal Kansara, co-founder and strategist at Mumbai-based Curl Capital. "

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The TD sequential study, a market timing indicator that uses a method of counting applied to chart patterns, suggests a reversal of the rally in three Adani stocks.

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The last trend reversal signal at Adani Ports — flashed in 2021 and is still active with a negative forecast — is the second since its listing in 2007, while the stock on Adani Total since August is the first since its public debut in 2018.

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