Adani Ports shares rise 107% from 52-week low; price targets, support, resistance & more

Shares of Adani Ports and Special Economic Zone have recovered 107% from their 52-week low in a year. Adani Ports shares fell to their 52 week low of Rs 702.85 on June 23, 2023. The multibagger Adani Group stock hit a record high of Rs 1,607.95 on June 3, 2024. However, the stock is down 10% from all-time high since then. Adani Ports shares have risen 93.66% in a year and gained 116% in two years.The stock has gained 244% in the last five years. In the current session, Adani Ports shares were trading 1.11% higher at Rs 1446.20 on Tuesday.

Adani Ports stock is trading neither in the overbought zone nor in the oversold zone, indicates its relative strength index (RSI) of 55.

Market cap of the firm rose to Rs 3.12 lakh crore on BSE. Total 1.74 lakh shares of the firm changed hands amounting to a turnover of Rs 25.39 crore on BSE. The large cap stock opened higher at Rs 1457.65 on BSE.

Adani Ports stock has a one-year beta of 1.8, indicating very high volatility during the period. Adani Ports shares are trading higher than the 5 day, 20 day, 30 day, 50 day, 100 day and 200 day moving averages. 

Kotak Institutional Equities expects outperformance in the Adani Group stock to continue for long. It has assigned a fair value of Rs 1,650 to the stock.

“Adani Ports stock continues to outperform in FYTD24, despite the weak start to the year for the market. Such outperformance can continue for long, with a boost to margins. Essentially, ADSEZ is sitting on a capacity bank 5-6X of its existing capacity, while key peers will have to add assets at higher capital cost to scale beyond 2X existing capacity. ADSEZ has bought (and thus taken out) most existing non-major concessions available where significant capacity additions can happen. We increase estimates by 5% and FV to Rs 1,650 (from Rs 1,550). Key upside risks are value creation from recent/incremental investments in logistics/ports,” said Kotak Institutional Equities.

Avdhut Bagkar, Derivatives & Technical Analyst, StoxBox said, "The stock has surged over 40 percent in the current year so far and continues to stay resilient against any sell-off. Price action must demonstrate aggressive momentum over the Rs 1500-mark to embark on the fresh or next leg of upside. Until then, an immediate support of  Rs 1300, followed by critical support at  Rs 1100 should suffice as bolstering levels. Any weakness around these key supports could realize accumulation from a long-term perspective.  A breakout over Rs 1500 would lead to a steep rally to Rs 1700."

Osho Krishan, Senior Research Analyst, Technical & Derivatives at Angel One said, "Adani Ports has seen a strong plunge descending the counter towards its consolidation zone. For now, Rs 1,150 is likely to cushion and a breach could disrupt the chart pattern. On the higher end, Rs 1,450-1,500 seems to showcase resilience in the near period."

Jigar S Patel from Anand Rathi said, "Adani Ports support will be at Rs 1,420 and resistance at Rs 1,460 A decisive close above the Rs 1,460 level may trigger a further upside to Rs 1500. The expected trading range will be between Rs 1400 and Rs 1520 for a week."

Meanwhile, InCred Equities has assigned a 'Reduce' rating to the Adani Group stock. The brokerage has trimmed its EBITDA estimates while maintaining margin projections for the Adani Group firm.

InCred Equities said APSEZ’s cargo business is likely to witness a 8.5 per cent growth annually over FY24-26. It said while its growth estimate for Adani Ports may seem at odds with 17.1 per cent compounded annually over FY20-24, but excluding acquisitions over FY21-24, volume CAGR was at 7.7 per cent. 

InCred Equities maintained its target price of Rs 1,329 on the stock but downgraded its rating to Reduce from Hold earlier.

"We cut our EBITDA estimates for FY25/26F by 3 per cent each but maintain our target price of Rs 1,329. We factor in an Ebitda CAGR of 14 per cent over FY24-26F. APSEZ trades at 18.2 times FY25F EV/Ebitda against a six-year average one-year forward EV/Ebitda of 14.1 times. Thus, we downgrade the stock’s rating to REDUCE (from HOLD earlier). Our target price implies 15x FY26F EV/Ebitda. Upside risk: Higher growth against our estimate," said InCred Equities.