Technical view | Adani stocks rout continues, are more losses on the way?

Won’t jump into Adani Group counters until stock stabilises and negativity fades way, says Rohit Srivastava of Indiacharts.com

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Shares of Adani group companies were pounded again on February 1 amid reports that Credit Suisse’s private banking arm had stopped accepting bonds of Adani companies as collateral for margin loans.

According to a Bloomberg report, the Swiss lender’s private banking arm assigned a zero lending value for notes sold by Adani Ports and Special Economic Zone, Adani Green Energy and Adani Electricity Mumbai Ltd.

Shares of Adani Enterprises, Adani Ports and Special Economic Zone, and Adani Total Gas settled 10-28 percent lower on February 1.

On the technical chart, the 66 percent retracement of the lows tested in 2022 and the highs of 2022 comes at around Rs 470 for Adani Port and will now act as a key support level, said Rohit Srivastava, founder, Indiacharts.com.