Last Updated: December 13, 2023, 12:51 IST
Shares of Adani Total Gas prolonged their fall for the second straight session in Wednesday’s commerce. The inventory slumped 9.97 per cent to hit a day low of Rs 1,002.25. The BSE and the NSE have put the securities of Adani Total below the quick-time period ASM (Additional Surveillance Measure) framework to warning traders about excessive volatility in share costs.
The multi-bagger scrip has gained almost 92 p.c prior to now one month. Out of which, 65 p.c of the spike got here final week alone.
Stock exchanges sought clarification from the Adani Group agency over the sharp rise within the share worth. “The increase in trading volume/price of the shares is purely market-driven,” argued the corporate.
“The management has no information that may have a bearing on the price movement, and which is yet not disclosed to the stock exchange. In the event there is any development that requires disclosure under Regulation 30 of the Sebi (Listing Obligations and Disclosure Requirements) Regulations, 2015, we will make the same in accordance with the regulatory requirements,” it added.
Following the Adani Total Gas assertion, traders rushed to ebook earnings, driving the inventory down round 10 p.c. Despite the latest surge within the inventory, it’s buying and selling 70 p.c decrease on a yr-to-date (YTD) foundation. This is as a result of the inventory noticed an enormous wealth erosion following a scathing assault by the US-based mostly quick vendor Hindenburg Research earlier in January.
On technical setup, analysts largely instructed that the inventory regarded ‘weak’. Support on the counter might be seen at Rs 975. On the upper aspect, resistance could also be discovered across the Rs 1,150-1,185 zone.
Jigar S Patel, Senior Manager – Technical Research Analyst at Anand Rathi Shares and Stock Brokers, mentioned, “Support will be at Rs 975 and resistance may be seen around Rs 1,100. Expected trading range could be between Rs 900 and Rs 1,150 for next couple of months.”
Adani Total Gas is a three way partnership between France’s vitality main TotalEnergies and Adani Group.
All Adani Group shares — together with Adani Total — have just lately logged first rate positive aspects after it was reported that the US authorities discovered quick-vendor Hindenburg Research’s allegations of company fraud towards Indian billionaire Gautam Adani “irrelevant”.
Since the counter has seen a stellar rally, traders should keep away from complacency, in response to Osho Krishan, senior analysis analyst for technicals and derivatives at Angel One. “Rs 1,050-1,000 may provide some cushion, while strong support lies around Rs 900 level. On the higher end, till it sustains above the mentioned support zone, investors are likely to utilise the dips for long positions for an upside potential of Rs 1,250-1,260 on an immediate basis,” he mentioned.
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