Adani Energy Solutions shares up 19% in five days, can they revisit Rs 1,000 level?
Adani Energy Solutions share price: The stock on Monday settled 3.99 per cent higher at Rs 960.20. It has gained 19.48 per cent in the past five days. That said, the scrip has declined 62.34 per cent on a year-to-date (YTD) basis and 73.25 per cent in a year.
- Aug 22, 2023,
- Updated Aug 22, 2023 5:58 PM IST
Shares of Adani Energy Solutions Ltd, formerly known as Adani Transmission Ltd, extended their winning run for the fifth consecutive session. The stock on Tuesday settled 3.99 per cent higher at Rs 960.20. It has gained 19.48 per cent in the past five days. That said, the scrip has declined 62.34 per cent on a year-to-date (YTD) basis and 73.25 per cent in a year. The stock surged today after a senior official from Adani Electricity said the company is investing over Rs 2,000 crore to build two new transmission lines in Mumbai to strengthen its network.
On technical setup, support on the counter could be seen at Rs 878, followed by Rs 875, Rs 870 and Rs 860 levels. Analysts largely remained 'mixed' on the counter.
Osho Krishan, Senior Analyst, Technical & Derivative Research at Angel One, said, "The stock is in a sideways phase post its sharp fall in January and February. From a broader view, it looks uncertain. On the technical front, strong resistance prevails near the Rs 950-980 zone, followed by Rs 1,030-1,050. Until it witnesses a decisive breakthrough, the counter is likely to remain tentative. On the downside, the immediate support lies around the Rs 870-860 zone, followed by strong support around the consolidation base of Rs 770."
Market expert Ravi Singh said that the stock may remain bullish in the near term and suggested a target price of Rs 1,000.
Jigar S Patel, Senior Manager - Technical Research Analyst at Anand Rathi Shares and Stock Brokers, said, "At the current juncture, the counter is trading below the 100- and 200-daily exponential moving averages. This could be a matter of concern for investors. As we advance, resistance is seen near the Rs 1,000 mark and credible support is seen around Rs 875."
AR Ramachandran from Tips2trades said, "Adani Transmission is bearish and overbought on the daily charts with next resistance at Rs 999. Investors should be booking profits at current levels as a daily close below support of Rs 878 could lead to target of Rs 730 in the near term."
Kush Ghodasara, independent market expert, CMT, said, "The stock has emerged from a robust consolidation phase, scaling past Rs 930 with bullish momentum. With internal indicators confirming positive crossover, it presents a short-term buying opportunity. Maintain a stop loss at Rs 845 (10-day average), while aiming for a target of Rs 1,480 in the upcoming months."
VLA Ambala, research analyst at Stock Market Today, said, "The stock is currently trading near its 20-day EMA on the weekly timeframe. A pullback is expected around Rs 880 level and one can consider it as an opportunity for averaging. Fresh buying not advised at current levels. Those who are already holding the counter must keep stop loss at Rs 800 for targets between Rs 1,100 and Rs 1,500."
Also read: Hot stocks on August 22, 2023: Adani Power, Zomato, BHEL, Welspun Enterprises, Union Bank and more
Shares of Adani Energy Solutions Ltd, formerly known as Adani Transmission Ltd, extended their winning run for the fifth consecutive session. The stock on Tuesday settled 3.99 per cent higher at Rs 960.20. It has gained 19.48 per cent in the past five days. That said, the scrip has declined 62.34 per cent on a year-to-date (YTD) basis and 73.25 per cent in a year. The stock surged today after a senior official from Adani Electricity said the company is investing over Rs 2,000 crore to build two new transmission lines in Mumbai to strengthen its network.
On technical setup, support on the counter could be seen at Rs 878, followed by Rs 875, Rs 870 and Rs 860 levels. Analysts largely remained 'mixed' on the counter.
Osho Krishan, Senior Analyst, Technical & Derivative Research at Angel One, said, "The stock is in a sideways phase post its sharp fall in January and February. From a broader view, it looks uncertain. On the technical front, strong resistance prevails near the Rs 950-980 zone, followed by Rs 1,030-1,050. Until it witnesses a decisive breakthrough, the counter is likely to remain tentative. On the downside, the immediate support lies around the Rs 870-860 zone, followed by strong support around the consolidation base of Rs 770."
Market expert Ravi Singh said that the stock may remain bullish in the near term and suggested a target price of Rs 1,000.
Jigar S Patel, Senior Manager - Technical Research Analyst at Anand Rathi Shares and Stock Brokers, said, "At the current juncture, the counter is trading below the 100- and 200-daily exponential moving averages. This could be a matter of concern for investors. As we advance, resistance is seen near the Rs 1,000 mark and credible support is seen around Rs 875."
AR Ramachandran from Tips2trades said, "Adani Transmission is bearish and overbought on the daily charts with next resistance at Rs 999. Investors should be booking profits at current levels as a daily close below support of Rs 878 could lead to target of Rs 730 in the near term."
Kush Ghodasara, independent market expert, CMT, said, "The stock has emerged from a robust consolidation phase, scaling past Rs 930 with bullish momentum. With internal indicators confirming positive crossover, it presents a short-term buying opportunity. Maintain a stop loss at Rs 845 (10-day average), while aiming for a target of Rs 1,480 in the upcoming months."
VLA Ambala, research analyst at Stock Market Today, said, "The stock is currently trading near its 20-day EMA on the weekly timeframe. A pullback is expected around Rs 880 level and one can consider it as an opportunity for averaging. Fresh buying not advised at current levels. Those who are already holding the counter must keep stop loss at Rs 800 for targets between Rs 1,100 and Rs 1,500."
Also read: Hot stocks on August 22, 2023: Adani Power, Zomato, BHEL, Welspun Enterprises, Union Bank and more