Adani Green Energy shares in a downtrend, analysts stay cautious; here's why

Shares of Adani Green Energy have delivered negative returns this year, reflecting the short-term weakness in the Adani Group stock. In fact, the stock has fallen 30% from its 52-week high of Rs 1,445 reached on December 8, 2024. 

Adani Green Energy stock slipped 4% this year but rose 4% in a year. The modest yearly returns signal a slowdown in growth for the stock in the long term. Adani Green Energy shares slipped 50% and fell 12.17% in three years and five years, respectively. However, the stock could rise just 7.25% in two years. 

In the current session, Adani Green Energy shares were trading on a flat note at Rs  1002.90 against the previous close of Rs 1009.55. Market cap of Adani Green Energy stood at Rs 1.62 lakh crore. Total 1.13 lakh shares changed hands amounting to a turnover of Rs 11.38 crore. 

Earlier, Adani Green Energy stock opened higher at Rs 1016.85 today. The large cap stock hit a 52-week low of Rs 758 on March 3, 2025. 

The Adani Group's stock is trading neither in oversold nor in the overbought zone, with its relative strength index (RSI) at 39.4. Adani Green shares are trading lower than the 5 day, 10 day, 20 day, 50 day, 100 day but higher than the 150 day and 200 day moving averages.

Amruta Shinde, Research Analyst, Choice Broking said, "Adani Green is currently trading near Rs 1003, moving within a broader range defined by the recent high of Rs 1086 and the low of Rs 1000. The stock is forming a channel, with the lower end positioned just above a previous gap zone, which is acting as a strong support area. At present, the daily price action is hovering very close to this support, aligning with the lower boundary of the channel. If the price holds around current levels or dips slightly below and then shows a clear upside confirmation, a long opportunity may emerge in the Rs 993– Rs 980 zone. However, if the price corrects further and fills the gap completely, deeper downside levels could come into play. Key support remains positioned between Rs 1000 and Rs 980. For now, it is advisable to wait and watch until the price shows convincing signs of recovery."

Shitij Gandhi, Sr Research Analyst (Technical), SMC Global Securities said, "Adani Green is going through a soft patch on the daily charts, slipping steadily from recent highs. The stock is now approaching a very important support area near its major moving averages, which have repeatedly acted like a safety net in the past. The fall hasn’t come with heavy volumes, which shows that sellers aren’t too aggressive — it looks more like a cooling-off phase than a panic move. Overall, the stock seems to be moving inside a broad consolidation zone, and this dip may simply be a retest of the lower band. If Adani Green holds the Rs 1000– Rs 980 support zone, a slow recovery could begin. But slipping below it may extend weakness."

Osho Krishan from Angel One says, "Adani Green Energy has been navigating a consolidation phase, characterised by a gradual appreciation in price over an extended duration. Recently, the stock has surpassed the 200-DSMA after a prolonged period, signaling a potential shift toward a bullish trend. From a technical perspective, the bullish gap around the level of Rs 990 is expected to provide support against short-term price fluctuations, with the 200 DSMA at Rs 970 serving as an additional support level. Conversely, the price range of Rs 1100- Rs 1155 is identified as a significant resistance zone. A successful breach of this resistance could initiate the next phase of upward momentum for the stock."

A R Ramachandran SEBI registered Research Analyst, Tips2trades said, "Adani Green stock price is bearish on the Daily charts with strong resistance at Rs 1037.5. A daily close below the support of Rs 1024 could lead to a target of Rs 961 in the near term."