The Adani group of companies had a rewarding week. The Nifty index increased by 1.3% this week, while Adani Enterprises Ltd and Adani Total Gas Ltd gained by 6%, Adani Green Energy Ltd rose by 10%, Adani Ports & Special Economic Zone Ltd increased by 3%, and Adani Transmission Ltd climbed 8%.
This week, seven Adani Group companies saw a net gain of ₹43,815 crore in market cap, with Adani Green Energy Ltd contributing ₹13,205 crore, Adani Enterprises Ltd adding ₹12,726 crore, Adani Transmission Ltd chipping in with ₹8,440 crore and the rest three gaining between ₹103 crore and ₹5,575 crore. Adani Power Ltd was the sole loser this week with ₹1,444 crore loss.
During the March 2023 quarter, retail investors have increased their stake in eight Adani Group stocks, with the range of the increase being between 1.86% to 5.52%, according to Bloomberg.
On Tuesday, almost all of the Adani Group stocks saw gains. Shares of Adani group firms ended with gains on Monday with some companies hitting their upper circuit limits amid the group listing out details of stake sales in its companies and investment ploughed back into businesses to counter claims by Congress leader Rahul Gandhi.
Kapil Shah, Technical Analyst, Emkay Global and Technical Trainer, Finlearn Academy, said that Adani Enterprises from past 1 month, is moving in the range of 1,620 to 1,920. Stock is very volatile in mentioned range. Moving above 1,920 can give further strength upto 2,100 level. Broader view for the stock remain sideways to negative but short term upside move can be expected above 1,920 level.
According to Shah, Adani Ports took support at 600 level followed by breakout above 655 level. It is positive development. Sustainability above current level can give further upside to stock. From medium term perspective, stock has strong resistance at in the range of 700 to 720.
On the other side, Adani Green is one of the highly volatile stock among the Adani group stocks. It has sequences of upper and lower circuits. Midterm resistance placed at 1,025 to 1,080.
Adani Transmission, with upside move of 8% in this week, the stock has entered into resistance band of 1,100 to 1,160. The stock has witnessed selling pressure from mentioned range. It indicates presence of sellers at resistance. Moving below 1,010 level can bring further selling pressure up to 920 levels, according to Kapil.