These 3 Adani Group stocks hit upper circuits today; here's what tech charts hint

Shares of three Adani Group companies -- Adani Transmission, Adani Total Gas and Adani Green Energy -- rose sharply in Thursday's trade to hit their respective upper price bands. Adani Transmission today jumped 5 per cent to hit a day high of Rs 1,084.25. Yet, the counter has lost 57.48 per cent on a year-to-date (YTD) basis.

The stock was last seen trading higher than the 5-day and 20-day moving averages but lower than the 50-day, 100- and 200-day moving averages. The counter's 14-day relative strength index (RSI) came at 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 840.57.

Adani Transmission has an average target price of Rs 4,172, Trendlyne data showed, suggesting a potential upside of 284.73 per cent. The scrip has a one-year beta of 1.36, indicating high volatility.

"The stock looks bullish on the daily charts and a close above Rs 1,068 could lead to targets of Rs 1,193-1,249 in the near term. Support will be at Rs 1,022," said AR Ramachandran from Tips2trades.

Adani Total Gas also gained in the same quantum. The stock climbed 5 per cent to touch a day high of Rs 983.30. Although, it has fallen 72.29 per cent so far this year.

The stock was last seen trading higher than the 5-day and 20-day moving averages but lower than the 50-day, 100-day and 200-day moving averages. The counter's 14-day RSI came at 41.03. The company's stock has a P/E ratio of 205.44.

Adani Total has an average target price of Rs 3,475, suggesting a potential upside of 253.85 per cent. The scrip has a one-year beta of 1.64, indicating high volatility.

"The stock looks bullish with the next resistance at Rs 1,015. A daily close above this resistance could lead to targets of Rs 1,130-1,263 in the near term. Support will be at Rs 952," Ramachandran said.

On similar lines, Adani Green Energy rose 5 per cent today to hit a day high of Rs 982.45. That said, the stock has declined 47.99 per cent in 2023 so far.

The stock was last seen trading higher than the 5-day and 20-day moving averages but lower than the 50-day, 100- and 200-day moving averages. The counter's 14-day RSI came at 67.67. The company's stock has a negative P/E ratio of 726.56.

Adani Green has an average target price of Rs 3,581, suggesting a potential upside of 264.53 per cent. The scrip has a one-year beta of 1.14, indicating high volatility.

"The counter also looks bullish but now faces resistance at Rs 998.30. Investors should book some profit as the stock is approaching overbought levels or keep a stop loss at the support of Rs 935 level," Ramachandran said.

The listed entities of Adani Group saw a massive market value erosion since January 24, 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 recorded a sharp recovery after US boutique investment firm GQG Partners announced a cumulative investment of Rs 15,446 crore in four Adani firms -- Adani Enterprises, Adani Green Energy, Adani Ports and Adani Transmission.

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