Adani Total Gas & Adani Green Energy continue to fall, slip below Rs 900 levels; time to buy, sell or hold?

Shares of Adani Total Gas Ltd and Adani Green Energy Ltd on Monday extended their fall to give up the Rs 900 levels, respectively. Adani Total settled 2.94 per cent lower at Rs 890.85 over its previous close of Rs 917.85, extending its fall for the fourth straight session. The stock has slumped 74.90 per cent on a year-to-date (YTD) basis. It has support around Rs 859-odd zone, an analyst said, while another suggested that it may test Rs 800 in the near term.

"Adani Total looks bearish on the daily charts and a close below the support of Rs 859 could lead to lower targets of Rs 795-760 in the near term. Resistance will be at Rs 923," said AR Ramachandran from Tips2trades.

"Adani Total Gas is in a highly volatile zone and may see some more correction in the coming days. The major technical parameters are in the negative zone showing inherent weakness in the counter. Under the current scenario, Adani Total Gas may touch Rs 800 in the near term," said Ravi Singh, Vice-President and Head of Research at Share India.

In the case of Adani Green, the counter finished 3.22 per cent lower at Rs 886.45 against a previous close of Rs 915.95. The scrip continued to decline for the fifth consecutive day. It has plunged 53.04 per cent so far in 2023. Support on the counter could be seen at Rs 896; while it has resistance around the Rs 916 level.

"Adani Green looks bearish on the daily charts. A close below the support of Rs 896 could lead to downside targets of Rs 865-808 in the near term. Resistance will be at Rs 916," said Tips2trades' Ramachandran.

"Adani Green is currently witnessing profit booking. Any pullback seems momentary and the stock may consolidate with a downward bias at current levels. It may undergo more selling pressure for the level of Rs 820 in the near term," said Singh from Share India.

Six out of the 10 listed Adani Group stocks traded lower today. Shares of Adani Transmission, Adani Wilmar and NDTV fell up to 2.98 per cent. Flagship Adani Enterprises settled marginally lower at Rs 1,802.30; while Ambuja Cements, Adani Ports, Adani Power and ACC rose up to 1.92 per cent.

Adani Group shares saw a massive market value erosion since January 24 this year, when US-based short seller Hindenburg Research released a report alleging stock manipulation and accounting fraud by the Gautam Adani-led conglomerate. Adani Group, however, denied all the allegations.

The stocks rebounded to an extent after US boutique investment firm GQG Partners announced a cumulative investment of Rs 15,446 crore in four Adani firms -- Adani Enterprises, Adani Green, Adani Ports and Adani Transmission.

Meanwhile, Indian equity benchmarks rose sharply today in a fluctuating trade, led by gains in banks, financials, consumers and technology stocks.

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