In Friday's trading, Adani Total Gas Ltd shares halted a four-day rally. At the time of writing, the stock was trading 1.73 percent lower at Rs 1,139. The multibagger scrip has gained 109.78% in the last month at this price. The last five sessions accounted for 53% of the increase. Despite the indicated increase, the stock was down approximately 68% year to date (YTD).
The BSE and NSE have placed Adani Total's securities under the short-term ASM (Additional Surveillance Measure) framework. To warn investors about significant volatility in share prices, exchanges place equities in short-term or long-term ASM frameworks.
All traded Adani Group companies, including Adani Total, have gained ground this week after the US authorities said short-seller Hindenburg Research's charges of corporate fraud against Indian billionaire Gautam Adani were "irrelevant."
Following a stinging attack by a US-based short seller earlier this year, the Adani counters witnessed enormous value destruction. Some of the conglomerate's shares have recovered their losses, while others are still in the process of recovering from the decrease.
On technical charts, the stock of Adani Total could find immediate support at Rs 1,050. On the upside, resistance may be found near Rs 1,273. Two analysts advised investors to take profits at current levels.
"The counter has witnessed a stellar rally," stated Osho Krishan, Senior Research Analyst - Technical & Derivatives at Angel One. Rs 1,050-1,000 is anticipated to provide moderate support, while Rs 900 provides strong resistance. On the higher end, till it maintains above the indicated support zone, dips are likely to be used for long positions with an immediate upside potential of Rs 1,250-1,260."
"Adani Total Gas looks bearish and extremely overbought on daily charts," said AR Ramachandran of Tips2trades, "with next resistance now at Rs 1,273." Investors should take profits at current levels because a daily closing below Rs 1,102 support could lead to a target of Rs 808 in the near term."
Ravi Singh, the founder of DRS Finvest, has stated that the stock may see some profit booking. Singh predicted that it would fall to Rs 1,050 in the near future.
"Support will be at Rs 1,050 and resistance may be seen around Rs 1,300," said Jigar S Patel, Senior Manager - Technical Research Analyst at Anand Rathi Shares and Stock Brokers. In the coming months, the stock could trade in a band of Rs 1,000 to Rs 1,450." Adani Total Gas is a joint venture between TotalEnergies of France and Adani Group.
