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At a time when investors were already feeling suffocated by inflation and rate hikes, an explosive report against diversified conglomerate Adani Group by US-based Hindenburg Research added smoke to the fire.

The Nifty Auto index was trading 0.47 per cent down at 12056.7.

As of 31-Dec-2022, promoters held 0.0 per cent stake in the company, while FIIs held 39.54 per cent and domestic institutional investors had 32.37 per cent.

“The metal failed three times to break a resistance at $2,005. The failures suggest the formation of a top. A five-wave cycle from the Feb. 28 low of $1,804.20 could be ending,” the report said, adding that the immediate resistance is at $1,981, a break above which could lead to $1,992-$2,005 range.

A total of 983 shares changed hands on the counter till 11:44AM (IST).

“Titan Company stock has formed a strong bullish candle on weekly scale and given a falling supply trend line breakout on daily chart which is formed by connecting swing highs of Rs 2,626, 2,545 and 2,475 levels,” Arpit Beriwal, Analyst, Equity Derivatives & Technicals, MOFSL, said.

Breakdown of its rising trendline acting as a support zone. Likely to face pressure for target of 640.

From the Sensex pack, Power Grid, Asian Paints, Bajaj Finance and Bharti Airtel were the top gainers, up about 0.5-1%. NTPC, Kotak Bank, Tata Steel, RIL and Infosys also opened with gains. Whereas, M&M, Titan, ITC, Axis Bank and HUL opened with cuts.

After nearly 60 trading days, stock has given a dailyand weekly closing below Rs 515 level.

Peter Lynch, an American investor and mutual fund manager, is best known for growth at a reasonable price approach to investing. Lynch is often associated with the PEG ratio which measures PE ratios in relation to growth rates.