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Experts say recent weakness in markets did not impact much of Adani group stocks
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Experts say recent weakness in markets did not impact much of Adani group stocks
Mar 16, 2023 9:30 AM

Domestic equities gave up its five days losing streak today, albeit ending the session with marginal gains of 13 points. Concerns related to Credit Suisse persist and makes investors ruminate on how elongated the banking crisis could get. What could well be termed as a "shaky Thursday", the next big trigger is expected to be the FOMC meet next week. But before that, we have the ECB rate decision today which shall be closely watched.

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While Nifty ended nearly flat today, most of the Adani pack gained during the day. Two-third of the group company's stocks ended in the positive zone today, while the remaining - Adani Total Gas, Adani Power and Adani Wilmar ended in the red.

Within the Adani pack, Adani Total Gas declined the most today and the same trend was seen since the start of the week as well, where the stock tumbled 11 percent since Monday. Other than Adani Total Gas, five other stocks lost more than 5 percent since this week began, while Adani Green gained the most of 9 percent.

Experts expect greater upside potential for the Adani group stocks in the following months. Nagaraj Shetti, Technical Research Analyst, HDFC Securities says "After a sharp beating in the last month, most of Adani stocks have had a decent bounce back this month, so far. The recent weakness in broad market has not impacted much on the negative side for the group stocks. The overall chart patterns are showing positive signal and cam expect another 15% + upside potential for the stocks in the next 1 or 2 months."

Also read: Vinod Adani owns Ambuja Cements and ACC

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