Adani Total Gas shares zoom 31% in 4 days; trend reversal or just a pullback?

Shares of Adani Total Gas Ltd extended gains for the fourth straight session on Friday. The stock was last seen 1.33 per cent higher at Rs 614.95, taking its four-day rally to 31.49 per cent.

Adani Total recently informed the bourses that, in view of the recent escalation in geopolitical developments in West Asia, some of the company's gas suppliers have curtailed supply, which in turn has impacted supplies to its industrial customers.

This comes after the government on Monday issued an order prioritising the allocation for domestic piped natural gas (PNG) and compressed natural gas (CNG) for transport. Adani Total, in an exchange filing, said it is currently assessing the impact of the Centre's order and is taking necessary steps to mitigate the impact.

From a technical perspective, a few analysts viewed the rally as a pullback within a broader consolidation or downtrend, rather than a trend reversal.

Ruchit Jain, Head – Technical Research at Motilal Oswal Financial Services Ltd (MOFSL), said, "There have been several occasions where the stock rises for a few sessions, but the follow-up move does not sustain. Instead, we see a continuation of the consolidation or downtrend. Based on that pattern, the current move may just be a pullback. The Rs 660–680 range could act as a resistance zone for the stock. If one has bought it from a trading perspective, it may be advisable to consider booking profits in that Rs 660–680 range."

Kunal Kamble, Senior Technical Research Analyst at Bonanza, said the recent sharp rally in the stock appears to be a pullback within a broader downtrend and should be viewed as a selling opportunity.

"On the weekly charts, the stock continues to trade below its long-term declining trendline, which indicates persistent structural weakness. The recent bounce has also approached a key resistance zone of around Rs 650–700, where supply is likely to emerge. Momentum indicators further suggest that the move is more of a short-covering rally rather than a sustainable trend reversal," he also said.

Jigar S Patel, Senior Manager – Technical Research at Anand Rathi, noted, "Support is seen at Rs 570, while resistance is placed at Rs 651. A decisive move above Rs 651 could push the stock towards Rs 685, with the expected short-term trading range pegged between Rs 570 and Rs 685."

As of December 2025, promoters held a 74.80 per cent stake in the company.