Which Adani stock should you buy following SEBI's clean chit?
What's the story
Adani Group stocks have been in the limelight after the Securities and Exchange Board of India (SEBI) cleared all allegations leveled by Hindenburg Research in January 2023. The development has boosted investor confidence, triggering a relief rally that has outperformed the broader market. On September 22, SEBI gave a clean chit to Adani Ports & Special Economic Zone Ltd and Adani Power Ltd, confirming they did not breach any regulations as claimed by US-based short-seller Hindenburg.
Investment advice
Prabhudas Lilladher sees potential in Adani Green
In light of SEBI's clean chit, analysts have suggested keeping an eye on Adani Green stock. Shiju Kuthupalakkal from Prabhudas Lilladher said that technically, "Adani Green looks well placed," with a breakout witnessed recently. He expects some consolidation and then a pullback to improve the bias, with near-term targets of ₹1,220 and further strength sustaining could achieve levels up to ₹1,360.
Market performance
Choice Broking on Adani Green
Hardik Matalia from Choice Broking also sees potential in Adani Green shares. He noted that the stock is trading around ₹1,047 and had witnessed a sharp decline of almost 65% from its swing high. However, after this correction, it entered a prolonged consolidation phase but has recently shown renewed strength with a strong bounce from its support zones.