Mantri FinMart initiates buy on dips call on Adani Ports, Ambuja Cement

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Seven out of 10 Adani Group companies staged a comeback on Friday, September 1, 2023. But still analysts are skeptical on making any fresh entry into the group at current levels.

For example, Arun Kura Mantri, founder, Mantri FinMart is skeptical on investing in Adani group stocks. Mantri has said that they don’t have a buy ratings on any of the Adani group stocks apart from Adani Port and Ambuja Cements.

A word of advice for investors of Adani group of companies:

People can make fresh buying in Adani Ports near ₹770-775 levels: Mantri FinMart

On Friday, the Adani Ports defied bearishness and bounced back 1 per cent to close at ₹799.55. Mantri has given buy on dips call on the stock. He said, “If investors are enthusiast about Adani group of stocks, then, they can buy Adani Ports near ₹770-775 levels. But people should not buy this stock in F&O. They can accumulate it in cash segment.”

₹400-410 is support zone for Ambuja Cements: Mantri FinMart

On Friday, Ambuja Cements, staged a comeback and rallied 1.21 per cent to close at Rs 433.70 apiece. According to Mantri, Rs 400-410 is support zone for the scrip. He has given buy on dips call on the scrip. He said, that this level was accumulation zone for the stock in F&O segment. This was also good accumulation zone of the stock in the cash segment.

₹2,370 is support level of Adani Enterprises: Mantri

On Friday, September 1, 2023, the flagship firm of Adani Group, Adani Enterprises Limited defied bearishness and closed 1.29 per cent in green at ₹2,450.10 on the BSE. But, according to Mantri, if Adani Enterprises slums below the support zone of ₹2,370, then, the stock might see huge sell-off. Mantri has advised traders to immediately exit the stock if it slums below this level. He also advised investors to abstain from making any fresh buying in the scrip.

Adani Total Gas continues to bleed on D-Street:

Further Mantri said, “We don’t have any buy call on Adani Total Gas. On Friday, the stock continued to slum. It closed at ₹633.75 on the BSE. Year to date, the stock is down 82 per cent.

Mantri said that in coming days, investors might continue to see volatility in Adani group stocks as Supreme Court is yet to give its verdict on fiesr round of allegations laid against the conglomerate by the US-based investment research firm, Hindenburg Research itself.

₹35,708 crore worth of investments in the conglomerate was wiped-off on Thursday, August 31, 2023, after the investigative reporting platform, global network of investigative journalists, Organised Crime and Corruption Reporting Project (OCCRP), alleged that crores of rupees were invested in Adani Group stocks via off-shore funding.

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