Adani stocks defy technical weakness to stage smart rebound of up to 6%

Today’s rally in Adani stocks appears to be defying bearish signals from technical indicator TD Sequential. Bloomberg said the DeMark indicator that forecast drops in Adani Enterprises three times since 2009, suggests that last week’s near 6% slump in the shares of the company may extend, with the stock continuing to pare its more than 100% gains for the year. It also hints at losses in the offing for the shares of Adani Total Gas, the report said.