Adani stock surge at risk of reversal, technical indicator shows.
TD Sequential, a widely followed DeMark technical indicator that forecast drops in Adani Enterprises Ltd NSE 3.54 %.
“Technical indicators suggest that these three Adani group stocks will face significant headwinds,”
The last time TD Sequential suggested a reversal to rally in Adani Ports’ shares was in 2015, and a 55% drop followed.
However, those who made trades following a 2007 sell signal by the indicator on Adani Enterprises, the first one since its public market debut in 1999, faced losses.
Adani Group didn’t respond to an email seeking comment about the technical indicator suggesting a reversal in share price rise.
The group has downplayed the concerns, saying its credit metrics have improved in the past few years
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