Shares of Adani Total Gas Ltd, Adani Green Energy Ltd, and Adani Transmission Ltd closed Thursday's trading session with 5% gains each. Whereas, Adani Enterprises Ltd, Adani Power Ltd, and Adani Ports & Special Economic Zone Ltd all ended in the red, losing about 1-2%. Adani Wilmar Ltd closed flat.
On Wednesday, the NSE and BSE announced that starting on Thursday, Adani Power will be covered under the short-term additional surveillance measure (ASM) framework.
According to the notice, Adani Power has been shortlisted for the Stage-I of the short-term ASM framework.
The shift was made shortly after the two exchanges moved the Adani group's stocks, NDTV and Adani Green Energy, from Stage II to Stage I of the long-term ASM framework on Monday.
On March 8, both the exchanges placed Adani Power, Adani Enterprises, and Adani Wilmar under short-term ASM framework. On March 17, though, these three companies were taken out of the short-term ASM framework.
High-low variation, client concentration, number of price band hits, close-to-close price variation, and price-earning ratio are among the criteria for shortlisting stocks under ASM.
The stock exchanges stated that the shortlisting of securities under ASM is solely due to market monitoring and should not be interpreted as a negative action against the mentioned company.
According to Kapil Shah, Technical Analyst, Emkay Global and Technical Trainer, Finlearn Academy, after the strong selling pressure, Adani stocks have started to recover. Some of the stocks like Adani Green Energy have recovered almost 70% from bottom but still have a long way to fully recover the lost ground.
"Adani Green Energy is up by near 114% from the bottom after decline of 85%.. Stock has breached immediate resistance of 900 level, it is positive sign. Stock has next best resistance at 1200 level," said Shah.
Last week, Adani Green Energy added market cap of 20,834 crore to the Adani universe, gaining nearly 20%.
According Shah, Adani Transmission has recovered by 74% from the bottom after the fall of 85% from the top. But recent rise looks very small as against overall fall. The stock can hold its short-term positive momentum as far as it sustains above ₹960 level.
On the other side, Adani Total Gas has recovered from the bottom by 50% after mayhem of 83% decline from the top. Moving above ₹1,000 level can give further strength up to ₹1,100 level but overall underlying tone remains negative.