Adani Enterprises Ltd Faces Bearish Momentum Amid Technical Downturn

Price Movement and Market Context

On 16 Feb 2026, Adani Enterprises closed at ₹2,141.35, down 3.18% from the previous close of ₹2,211.70. The intraday range saw a high of ₹2,206.30 and a low of ₹2,125.00, reflecting heightened volatility. The stock remains below its 52-week high of ₹2,611.46 and above its 52-week low of ₹1,850.00, indicating a wide trading band over the past year.

Comparatively, the stock has underperformed the Sensex across multiple timeframes. Over the past week, Adani Enterprises declined 3.83% versus the Sensex’s 1.14% fall. Year-to-date, the stock is down 4.38%, lagging the Sensex’s 3.04% decline. Even over a one-year horizon, the stock posted a negative return of 1.58%, while the Sensex gained 8.52%. Despite this, the company’s long-term performance remains robust, with a five-year return of 207.27% significantly outpacing the Sensex’s 60.30% and a remarkable ten-year return of 3,331.45% compared to the Sensex’s 259.46%.

Technical Indicators Signal Bearish Momentum

The technical trend for Adani Enterprises has shifted from mildly bearish to outright bearish, reflecting a deterioration in price momentum. The Moving Average Convergence Divergence (MACD) indicator remains bearish on both weekly and monthly charts, signalling sustained downward momentum. The daily moving averages also confirm this bearish stance, with the stock trading below key averages, indicating sellers are in control.

The Relative Strength Index (RSI) on weekly and monthly timeframes currently shows no clear signal, hovering in a neutral zone. This suggests the stock is neither oversold nor overbought, but the lack of bullish RSI divergence fails to provide support for a reversal at this stage.

Bollinger Bands analysis reveals a bearish bias on the weekly chart and a mildly bearish stance on the monthly chart. The price is trending near the lower band on the weekly scale, indicating selling pressure and potential continuation of the downtrend.

Additional Momentum and Volume Indicators

The Know Sure Thing (KST) oscillator is bearish on both weekly and monthly charts, reinforcing the negative momentum outlook. However, the On-Balance Volume (OBV) indicator presents a contrasting bullish signal on weekly and monthly timeframes, suggesting that despite price weakness, accumulation by investors may be occurring. This divergence between price and volume could indicate a potential base formation or a pause in selling pressure, though confirmation is required.

Dow Theory readings are mildly bullish on the weekly chart but show no clear trend on the monthly chart. This mixed signal highlights the uncertainty in the broader market trend for the stock, with short-term technicals favouring bears while some longer-term elements remain inconclusive.

Mojo Score and Ratings Update

MarketsMOJO assigns Adani Enterprises a Mojo Score of 31.0, categorising it as a Sell. This represents an upgrade from the previous Strong Sell grade issued on 1 Dec 2025, reflecting a slight improvement in technical and fundamental parameters. Despite this upgrade, the stock’s Market Cap Grade remains at 1, indicating limited market capitalisation strength relative to peers in the diversified sector.

The downgrade in technical trend to bearish aligns with the Mojo Grade, signalling caution for investors. The stock’s current technical profile suggests that downside risks remain elevated, and any recovery attempts may face resistance near the 2,200 level.

Long-Term Performance and Sector Comparison

While short-term technicals are weak, Adani Enterprises’ long-term returns remain impressive. The stock’s 10-year return of 3,331.45% dwarfs the Sensex’s 259.46%, underscoring the company’s historical growth trajectory. Over five years, the stock has delivered 207.27% returns, significantly outperforming the Sensex’s 60.30% gain. This long-term outperformance highlights the company’s ability to generate shareholder value despite recent volatility.

Within the diversified sector, Adani Enterprises faces competitive pressures and market uncertainties, which are reflected in its current technical weakness. Investors should weigh these factors carefully against the company’s growth prospects and sector dynamics.

Investor Takeaway and Outlook

Adani Enterprises currently exhibits a bearish technical profile, with multiple momentum indicators confirming downward pressure. The MACD, KST, and moving averages all point to a continuation of the negative trend, while the RSI remains neutral, offering no immediate relief. The divergence between price weakness and bullish OBV suggests some underlying accumulation, but this alone is insufficient to reverse the bearish momentum at present.

Investors should exercise caution and monitor key support levels near ₹2,100 and the 52-week low of ₹1,850. A sustained break below these levels could trigger further declines. Conversely, a recovery above the daily moving averages and the recent high of ₹2,206 could signal a potential technical rebound.

Given the current Mojo Grade of Sell and the technical deterioration, risk-averse investors may prefer to wait for clearer signs of trend reversal before initiating new positions. Long-term holders should consider the stock’s historical outperformance but remain vigilant to short-term volatility and sector headwinds.

Summary of Technical Ratings

Weekly and monthly MACD: Bearish

Weekly and monthly RSI: No signal

Weekly Bollinger Bands: Bearish; Monthly Bollinger Bands: Mildly Bearish

Daily Moving Averages: Bearish

Weekly and monthly KST: Bearish

Weekly Dow Theory: Mildly Bullish; Monthly Dow Theory: No trend

Weekly and monthly OBV: Bullish

Price and Returns Recap

Current Price: ₹2,141.35

Day Change: -3.18%

52 Week High: ₹2,611.46

52 Week Low: ₹1,850.00

Returns vs Sensex:

• 1 Week: -3.83% vs -1.14%
• 1 Month: -0.76% vs -1.20%
• Year-to-Date: -4.38% vs -3.04%
• 1 Year: -1.58% vs 8.52%
• 3 Years: 28.66% vs 36.73%
• 5 Years: 207.27% vs 60.30%
• 10 Years: 3,331.45% vs 259.46%

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