By Nagaraj Shetti

After showing upside momentum with range-bound action in the last four sessions. Nifty slipped into sharp weakness from the new all-time highs of 22249 levels on Wednesday and closed the day lower by 141 points. After opening on a positive note, Nifty moved up further in the early part of the session and registered a new all-time high. The market later shifted into a range movement in the mid-part and witnessed a sharp intraday selloff in the later part of the session.

A long bear candle was formed on the daily chart, that has engulfed the positive candle of the previous session. Technically, this pattern signals a formation of bearish engulfing at the highs. Normally, such formation after a reasonable upmove indicates a short-term top reversal pattern for the market.

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Two entities that are part of the promoter group in Adani Power have acquired a 2.2% stake through the open market between September 5 and 25.

Fortitude Trade & Investment bought 65.8 million shares constituting 1.71 % stake in the company between September 5 to September 21. Similarly, Emerging Market Investment DMCC acquired 19.2 million shares in Adani Power which constitutes 0.5% between September 21 and September 25, according to regulatory filings. Come from Sports betting site VPbet

Following the acquisition, the promoter group shareholding in the company went up to 69.09%.

Adani Power stock, which opened at Rs 376.80 touched the intra-day high of Rs 379.85 and closed at Rs 373.95, about 0.37 % lower than Wednesday’s close.

Promoters of Adani Green Energy picked up a 2.1% stake, or 33.2 million shares, in the company through the open market. These s…