Adani Group's stock price bands surge 5 per cent

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Adani Group's stock price bands surge 5 per cent

Adani Group shares of three Adani Group companies -- Adani Transmission, Adani Total Gas and Adani Green Energy -- rose sharply in Thursday's trade to hit their respective upper price bands. Adani Transmission has jumped 5 per cent to hit a day high of Rs 1,084 today. The counter has lost 57.48 per cent on a year-to-date basis.

The stock was last seen trading higher than the 5 day and 20 day moving averages, but it was lower than the 50 day, 100 and 200 day moving averages. The RSI, the 14 day relative strength index of the counter, came at 53. A level below 30 is considered oversold, while a value above 70 is considered overbought. The company's stock has a price-to- equity P E ratio of 840.57.

Adani Transmission has an average target price of Rs 4,172, Trendlyne data shows a potential upside of 284.73 per cent. The scrip has a one-year beta of 1.36, indicating high volatility.

The stock looks bullish on the daily charts and a close above Rs 1,068 could lead to targets of Rs 1,193 -- 1,249 in the near term. AR Ramachandran said that the support will be at Rs 1,022.

Adani Total Gas also gained in the same quantum. The stock was up 5 per cent to reach a day high of Rs 983.30. It has dropped 72.29 per cent this year.

The stock was last seen trading higher than the 5 day and 20 day moving averages but lower than the 50 day, 100 day and 200 day moving averages. The counter's 14 day RSI came at 41.03. The company's stock has a P E ratio of 205.44.

Adani Total's target price is Rs 3,475, suggesting a potential upside of 253.85 per cent. The scrip has a one-year beta of 1.64, indicating high volatility.

The stock looks bullish with the next resistance at Rs 1,015. A daily close above this resistance could lead to targets of Rs 1,130 - 1,263 in the near term. Ramachandran said that support will be at Rs 952.

Adani Green Energy rose 5 per cent today to hit a day high of Rs 982.45. The stock's value has declined 47.99 per cent in 2023, so far.

The stock was last seen trading higher than the 5 day and 20 day moving averages but lower than the 50 day, 100 and 200 day moving averages. The counter's 14 day RSI came at 67.67. The company's stock has a negative P E ratio of 726.56.

Adani Green has an average target price of Rs 3,581, suggesting a potential upside of 264.53 per cent. The scrip has a one-year beta of 1.14, indicating high volatility.

The counter is bullish but now faces resistance at Rs 998.30. As the stock is approaching overbought levels, investors should book some profit or keep a stop loss at the support of the Rs 935 level, Ramachandran said.

Since January 24, the listed entities of Adani Group have suffered a massive market value erosion when the US-based short seller Hindenburg Research released a report alleging stock manipulation and accounting fraud by the Gautam Adani-led conglomerate. Adani Group denied all of the allegations.

The stocks rose sharply after US boutique investment firm GQG Partners announced a cumulative investment of 15,446 crore in four Adani firms - Adani Enterprises, Adani Green Energy, Adani Ports and Adani Transmission.