Adani Total shares jump 7% on positive sentiment; here's what experts say

Shares of Adani Total Gas Ltd jumped 7.48 per cent in Friday's trade to hit a high of Rs 694, continuing their upward move for the fifth straight session. The stock was last seen up 4.55 per cent at Rs 675.10. Despite the recent gains, it has lost 9.93 per cent on a year-to-date (YTD) basis. 

Adani Total and Jio-bp, the fuel retailing brand of Reliance BP Mobility Ltd, recently announced a strategic partnership aimed at transforming the auto fuel retail landscape in India. The alliance will see both companies integrate key offerings at select fuel outlets, providing consumers with access to a wider range of high-quality fuels.

As part of the agreement, select Adani Total fuel stations will begin offering Jio-bp's high-performance liquid fuels, including petrol and diesel. Simultaneously, certain Jio-bp fuel outlets will incorporate Adani Total's compressed natural gas (CNG) dispensing units, particularly in Adani Total's authorised Geographical Areas (GAs). This collaborative arrangement is expected to enhance the availability and reach of premium fuels for transport users across the country.

Adani Total Gas, a joint venture (JV) between the Adani Group and France's TotalEnergies, is a leading city gas distribution (CGD) company. Jio-bp, a JV between Reliance Industries Ltd (RIL) and British energy major bp, brings its expertise in fuel retail, low-carbon mobility solutions and convenience store formats to the table.

Some market experts suggested that the stock looked positive on charts. That said, immediate support could be seen at Rs 650 level.

Ravi Singh, Senior Vice-President of Retail Research at Religare Broking, said Adani Total looked strong on charts and could hit an upside target of Rs 750, adding that investors should keep a stop loss placed at Rs 600 for this trade.

Osho Krishan, Senior Analyst – Technical & Derivative Research at Angel One, observed that the stock has demonstrated notable momentum in recent trading sessions, which indicates a bullish market sentiment. "The next potential resistance level is observed around Rs 720 and a decisive break above this threshold may catalyse additional upward movement. Conversely, the range of Rs 650-630 is anticipated to serve as a support level during this period."

According to Sebi-registered independent analyst AR Ramachandran, "Adani Total Gas stock price is bullish on daily charts with strong support at Rs 648. A daily close above the resistance of Rs 694 could lead to an upside target of Rs 723 in the near term."