Adani Green Energy shares slip after sharp two-day rise, still up 154% from one-year low; time to buy, sell or hold?
Adani Green Energy share price: The stock was last seen trading higher than the 5-day, 20-, 50- and 100-day moving averages but lower than the 200-day moving averages. The counter's 14-day relative strength index (RSI) came at 77.99. A level below 30 is defined as oversold while a value above 70 is considered overbought.
- Jul 27, 2023,
- Updated Jul 27, 2023 1:33 PM IST
Shares of Adani Green Energy Ltd fell in Thursday's trade, halting their sharp two-day upward move. The stock slipped 2.18 per cent to hit a day low of Rs 1,115 over its previous close of Rs 1,139.80. Considering today's low price, the multibagger stock has rallied 153.78 per cent from its 52-week low price of Rs 439.35, a level seen on February 28, 2023. That said, it has declined 56.68 per cent from its one-year high price of Rs 2,574.05, August 23 last year.
The company is scheduled to announce the financial results for the quarter ended June, 2023, on July 31.
On technical setup, analysts largely said that the counter looked 'bullish'. Support on the counter could be seen at Rs 1,080.
Ravi Singh, Vice-President and Head of Research at Share India, said, "Adani Green Energy share price is witnessing lower levels buying on anticipation of some big announcement in the investors meeting next month. On technical setup, the stock is showing strength on daily and weekly chart with a surge in daily volumes. Adani Green may touch the levels of Rs 1,180 in coming trading sessions."
AR Ramachandran from Tips2trades said, "Adani Green is bullish but overbought with next resistance at Rs 1,240 on the daily charts. A daily close below support of Rs 1,080 could lead to target of Rs 920 in the near term."
VLA Ambala, Research Analyst at Stock Market Today, said, "One can expect more gains on the counter. Targets could be between Rs 1,200 and 1,500 for a 5-day to 4-month holding period. Keep a trailing stop loss at Rs 900."
The stock was last seen trading higher than the 5-day, 20-, 50- and 100-day moving averages but lower than the 200-day moving averages. The counter's 14-day relative strength index (RSI) came at 77.99. A level below 30 is defined as oversold while a value above 70 is considered overbought. The company's stock has a negative price-to-earnings (P/E) ratio of 550.45 against a price-to-book (P/B) value of 31.92.
The scrip has an average target price of Rs 402, Trendlyne data showed, suggesting a potential downside of 64 per cent. It has a one-year beta of 1.18, indicating high volatility on the counter.
Around 1.18 lakh shares changed hands today on BSE, which was lower than the two-week average volume of 1.97 lakh shares. Turnover on the counter stood at Rs 13.46 crore, commanding a market capitalisation (m-cap) of Rs 1,77,775.97 crore.
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Shares of Adani Green Energy Ltd fell in Thursday's trade, halting their sharp two-day upward move. The stock slipped 2.18 per cent to hit a day low of Rs 1,115 over its previous close of Rs 1,139.80. Considering today's low price, the multibagger stock has rallied 153.78 per cent from its 52-week low price of Rs 439.35, a level seen on February 28, 2023. That said, it has declined 56.68 per cent from its one-year high price of Rs 2,574.05, August 23 last year.
The company is scheduled to announce the financial results for the quarter ended June, 2023, on July 31.
On technical setup, analysts largely said that the counter looked 'bullish'. Support on the counter could be seen at Rs 1,080.
Ravi Singh, Vice-President and Head of Research at Share India, said, "Adani Green Energy share price is witnessing lower levels buying on anticipation of some big announcement in the investors meeting next month. On technical setup, the stock is showing strength on daily and weekly chart with a surge in daily volumes. Adani Green may touch the levels of Rs 1,180 in coming trading sessions."
AR Ramachandran from Tips2trades said, "Adani Green is bullish but overbought with next resistance at Rs 1,240 on the daily charts. A daily close below support of Rs 1,080 could lead to target of Rs 920 in the near term."
VLA Ambala, Research Analyst at Stock Market Today, said, "One can expect more gains on the counter. Targets could be between Rs 1,200 and 1,500 for a 5-day to 4-month holding period. Keep a trailing stop loss at Rs 900."
The stock was last seen trading higher than the 5-day, 20-, 50- and 100-day moving averages but lower than the 200-day moving averages. The counter's 14-day relative strength index (RSI) came at 77.99. A level below 30 is defined as oversold while a value above 70 is considered overbought. The company's stock has a negative price-to-earnings (P/E) ratio of 550.45 against a price-to-book (P/B) value of 31.92.
The scrip has an average target price of Rs 402, Trendlyne data showed, suggesting a potential downside of 64 per cent. It has a one-year beta of 1.18, indicating high volatility on the counter.
Around 1.18 lakh shares changed hands today on BSE, which was lower than the two-week average volume of 1.97 lakh shares. Turnover on the counter stood at Rs 13.46 crore, commanding a market capitalisation (m-cap) of Rs 1,77,775.97 crore.
Also read: Hot stocks on July 27, 2023: RVNL, Bharti Airtel, Ion Exchange, Texmaco Rail and more
Also read: RVNL shares in focus as two-day offer for sale kicks off