Shares of Adani Group, which had been on a steady downtrend since January 25, have shown signs of recovery in the last two days following the company’s efforts to pacify investors. Adani Transmission, Adani Total Gas, and Adani Green Energy were the three Adani Group firms whose shares continued to rise on Monday and hit their respective higher price bands. Adani Transmission saw a jump of 5 per cent to the day’s high of Rs 1,003.95 above its previous close of Rs 956.15. However, the stock has declined 60.63 per cent on a year-to-date (YTD) basis.
The current trading price of the stock is above the 5-day and 20-day moving averages but below the 50-day, 100-day and 200-day moving averages. The 14-day Relative Strength Index (RSI) for the counter stands at 48.23, indicating a neutral position. Generally, an RSI below 30 is considered oversold and an RSI above 70 is considered overbought. The firm’s stock also has a price-to-equity (P/E) ratio of 778.30.
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With an average target price of Rs 4,172, Adani Transmission could have an upside of 316.85%. With a one-year beta of 1.32, the stock has a high degree of volatility. According to AR Ramachandran of Tips2trades the stock is now against an important resistance of Rs 1,009, and a daily close from this hurdle could take positive targets of Rs 1,068-1,155 in the near future. The current share price is trading higher than both 5-day and 20-day moving averages, but lower than 50-day, 100-day and 200-day moving averages. The 14-day Relative Strength Index (RSI) stands at 48.23. The price-to-equity (P/E) ratio of the stock is 778.30.
Adani Total Gas experienced similar growth, with the stock rising 5% to a day’s high of Rs 907.55. However, it has declined by 65.94% so far this year.
Currently, the stock is trading above the 5-day and 20-day moving averages but below the 50-day, 100-day and 200-day moving averages. The 14-day RSI of the counter stands at 41.69. The P/E ratio of Adani Total Gas is 189.61.
AR Ramachandran further said that Adani Total Gas is facing strong resistance at Rs 930, and a daily close above this resistance level could turn bullish and target Rs 1,029-1,135 in the near term . The stock has a support level of Rs 869.
Adani Green Energy today gained 5 per cent and hit its upper limit of Rs 897.80. However, in the year 2023, this stock has seen a decline of 52.47 percent.
Adani Green Energy has an average target price of Rs 3,072, indicating a potential upside of 242.90 percent. The stock has a one-year beta of 2.46, indicating high volatility. The stock is currently trading above the 5-day and 20-day moving averages but below the 50-day, 100-day and 200-day moving averages. The 14-day RSI of the counter stands at 43.27.
Following allegations of stock manipulation and accounting fraud by US-based short seller Hindenburg Research in January 2023, the market value of listed entities of the Adani Group witnessed a steep fall. The Gautam Adani-led group denied all the claims. However, the shares jumped after US boutique investment firm GQG Partners disclosed investments worth a cumulative Rs 15,446 crore in four Adani firms — Adani Enterprises, Adani Green Energy, Adani Ports and Adani Transmission.