Adani Total Gas shares: Down 76% from 52-week high, should you buy this Adani Group stock?

Shares of Adani Total Gas have lost 76% from their 52-week high amid a rout in the Adani Group stocks. The energy stock, which hit a 52-week high of Rs 3,998.35 on January 23, 2023, fell to Rs 948.50 in the current trading session. It hit a 52-week low of Rs 655 on March 1, 2023.  

The stock has been gaining for the last two sessions.  It touched an intraday high of Rs 971.9, rising 2.69% against the previous close of Rs 946.40 on BSE.  

However, it has lost 62.01 percent in a year and fell 74.39 per cent in 2023. Market cap of the firm rose to Rs 1.04 lakh crore on BSE. A total of 0.60 lakh shares of the firm changed hands, amounting to a turnover of Rs 5.71 crore on BSE.  

Market cap of the firm rose to Rs 1.04 lakh crore on BSE.  

In terms of technicals, the relative strength index (RSI) of the Adani Total Gas stock stands at 46.4, signaling the stock is neither oversold nor overbought. Adani Total Gas has a one-year beta of 1.5, indicating very high volatility during the period. Adani Total Gas stock is trading higher than the 5 day and 20 day moving averages but lower than 50 day, 100 day and 200 day moving averages.  

 Here’s a look at what analysts said on the outlook of the stock.  

 Vaishali Parekh, Vice President - Technical Research at Prabhudas Lilladher said, "The stock has witnessed a huge crash from Rs 4000 level to bottom out near  Rs 650 zone and thereafer witnessing a rangebound movement with erratic chart patterns. The resistance is looking strong near Rs 1040 levels and near term support is visible near Rs 805-810 zone. A decisive move past the significant 50EMA level of 1300 can improve the bias and trend overall to anticpate for further fresh upward move. Till then, one can trade within the range but with a very cautious approach." 

 Abhijeet from Tips2trades said, “Corporate governance issues coupled with an overall bearish market sentiment has led to a significant fall in Adani Total Gas stock price with strong resistance at Rs 1030 on the Daily charts. Investors should buy only if daily close is above mentioned resistance for higher targets of Rs 1262-1640 in the near term. Support will be at Rs 812." 

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