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ADANI/INR ( Still Big Dump Expecting as per Technical Analysis

Technical Analysis of ADANIENT/INR:

ADANIENT is currently trading at ₹1615, which has seen almost a 20% rise within 2 days after a significant fall of 75% within 3 months. Many retailers attribute this fall to the Hindenburg Report, but I believe that the retailers may be wrong. The decline began in December 2022, and a strong reversal pattern formed at the top. Therefore, smart players had already exited by the end of December and January.
The Hindenburg Report came on 24th January, by which time ADANIENT had already given a strong reversal pattern. Therefore, I believe that this news might have been pre-planned. It is essential to be smart and trade smartly in such situations.

As per the chart, the downtrend of ADANIENT is still ongoing, but I believe that it may test the ₹2364 level again, which is around a 50% rise from the current price. However, after retesting resistance, another dump is expected.
The major support level is ₹1360, and if any HTF candle closes below it, then another significant drop is expected. If the support level of ₹1360 is broken, then we may see ADANIENT at the ₹500-₹700 level.
The Fib retracement support is also around those points. 0.5 FIB = ₹704, 0.618 FIB = 460. Long-term support TrendLine is also near the FIB Retracement levels.

It is essential to note that this process takes time, unlike Crypto, and it may take around 2-3 years in my opinion.
If ADANIENT breaks the price level of ₹3011, then the bearish sentiment will end.

My Key Levels:
Support: ₹1360/$704
Resistance: ₹2364

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