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“Gayi Bhains Paani Mein” #AdaniEnterprise is it on way to break 1000 level?

Riya Deshwal
By Riya Deshwal
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Read on to learn about the multiple headwinds that have impacted the stocks of the Adani Group companies, including concerns over alleged overvaluation of imports, the impact of rising crude oil prices, and challenges in the renewable energy sector. This article also provides insights into the open interest and rollover rates of Adani Enterprises, along with the weekly and monthly expiry positions.
Source: Unsplash

Estimated reading time: 2 minutes

Adani Ports and Special Economic Zone Ltd (APSEZ) and Adani Enterprises Ltd (AEL) saw a sharp decline in their stock prices on February 22, 2022, as bearish traders ramped up their positions. The stocks of the Adani Group companies have been under pressure recently due to various reasons.

APSEZ, which is the flagship company of the Adani Group, saw its stock price decline by 5.31 percent to close at Rs 733.85 on the BSE (Bombay Stock Exchange). The stock has been falling continuously for the past few weeks and is now trading close to its 52-week low of Rs 719.10. AEL, on the other hand, saw its stock price drop by 5.35 percent to close at Rs 1,015.50.

CA Rakesh Kumar Singhal tweets a graph that indicates a sharp fall in the stock price of Adani Enterprises Ltd (AEL) and suggests that it may touch the 1000 level soon. The graph seems to suggest that the bearish sentiment towards AEL is likely to continue, which could result in further declines in its stock price.

Adani Enterprises saw a significant decline in its stock price at the opening bell, with a bearish gap down. The open interest, which is the total number of outstanding contracts, rose by 8 percent, while the rollover rates, which is the percentage of contracts that are carried over to the next expiry, hit 71 percent. This is the highest rollover rate seen this year, indicating that more traders are taking bearish positions, while those already holding such positions are continuing with them.

During the day, the changes in open interest are reflected through bars on a graph. The red bars on the graph show call option open interest, while the green bars indicate put option open interest.

On the weekly expiry, call writing was observed at the 1400 strikes, while put writers were shifting their positions lower with most of them positioning themselves at the 1300 strike. On the February monthly expiry, both call and put writing were seen at the 1400 strike.

Disclaimer:

It is important to note that the opinions and predictions of market experts, like CA Rakesh Kumar Singhal, are based on their analysis of the market conditions and other relevant factors. While their opinions can provide valuable insights for investors, it is always advisable to conduct one’s own research and analysis before making any investment decisions.

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