These 3 Adani Group stocks hit fresh one-year lows today; here's what tech charts hint

Shares of three Adani Group companies continued to hit their respective 52-week lows in Tuesday's session. Adani Total Gas, Adani Transmission and Adani Green Energy were locked in the lower price band levels in early trade. Since January 24 this year, Adani stocks took a major hit after US-based short seller Hindenburg Research alleged that the Gautam Adani-led Indian conglomerate had engaged in stock manipulation and accounting fraud scheme over the last few decades. Adani Group, however, refuted the claim as baseless.

Adani Total's stock dived 5 per cent today to touch its 52-week low of Rs 878.85 over a previous close of Rs 925.10, extending its fall for 21 straight days. The counter has lost 77.57 per cent in 21 sessions. In terms of earnings, Adani Total reported a consolidated net profit of Rs 150 crore for the December quarter (Q3 FY23), up 17 per cent from Rs 128 crore in the same quarter a year ago.

Adani Transmission also tanked 5 per cent to hit a one-year low of Rs 830.25. The stock has declined 36.83 per cent in nine days. Adani Transmission posted a 73 per cent jump in consolidated net profit, at Rs 478 crore, in Q3 FY23 as against Rs 267 crore in the year-ago period, aided by a one-time income of Rs 240 crore from a regulatory order.

Adani Green's stock also fell in a similar quantum to hit its 52-week low level of Rs 567.65. The company's consolidated net profit more than doubled to Rs 103 crore in Q3 FY23 against Rs 49 crore in the same period a year ago.

Technical view

"Adani Total Gas is oversold but still very bearish and now will have next support at Rs 787. Investors should buy only if a daily close is above the resistance level of Rs 1,190. Targets will be Rs 1,391-1,519 in the near term," said AR Ramachandran from Tips2trades.

The stock was last seen trading lower than 5-day, 20-, 50-, 100- and 200-day moving averages. The counter's 14-day relative strength index (RSI) came at 9.53. A level below 30 is defined as oversold while a value above 70 is considered overbought. The company's stock has a price-to-equity (P/E) ratio of 202.93. The earnings per share (EPS) of the firm came at 4.56, lower than the P/E ratio.

That said, Adani Total has an average target price of Rs 3,475, Trendlyne data showed, suggesting a potential upside of 296.33 per cent. The scrip has a one-year beta of 1.41, indicating high volatility.

"Adani Transmission continues to slide lower and now will have next support at Rs 735. Investors should buy only if a daily close is above the resistance level of Rs 956. Targets will be Rs 1,093-1,315 in the near term," said Tips2trades' Ramachandran.

The stock was last seen trading lower than 5-day, 20-, 50-, 100- and 200-day moving averages. The counter's 14-day RSI came at 13.16. A level below 30 is defined as oversold while a value above 70 is considered overbought. The stock has a P/E ratio of 711.35. The company's EPS came at 1.23, lower than the P/E ratio.

Yet, Adani Transmission has an average target price of Rs 4,172, Trendlyne data showed, suggesting a potential upside of 402.23 per cent. The scrip has a one-year beta of 1.30, indicating high volatility.

"Adani Green looks very oversold on the daily charts. Investors should buy only if a daily close is above Rs 710 for targets of Rs 860-952. The next support will be at Rs 468," Ramachandran said.

The stock was last seen trading lower than 5-day, 20-, 50-, 100- and 200-day moving averages. The counter's 14-day RSI came at 12.63. A level below 30 is defined as oversold while a value above 70 is considered overbought. The stock has a negative P/E ratio of 463.95. The company's EPS also stood negative at 1.29, lower than the P/E ratio.

Despite that, Adani Transmission has an average target price of Rs 3,581, Trendlyne data showed, suggesting a potential upside of 531.12 per cent. The scrip has a one-year beta of 1.17, indicating high volatility.

Meanwhile, Indian equity benchmarks climbed in early deals, led by gains in banks, financials, metal, automobile and consumer goods. The 30-share BSE Sensex pack rose 224 points or 0.37 per cent to trade at 60,916; while the broader NSE Nifty index moved 60 points or 0.34 per cent higher to trade at 17,905.

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