Categories: Share Market

Adani Total Gas Shares Down 7% On Profit-Booking; What Investors Should Know

Last Updated: December 13, 2023, 12:51 IST

Shares of Adani Total Gas extended their fall for the second straight session in Wednesday’s trade. The stock 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 under the short-term ASM (Additional Surveillance Measure) framework to caution investors about high volatility in share prices.

The multi-bagger scrip has gained nearly 92 percent in the past one month. Out of which, 65 percent of the spike came last week alone.

Stock exchanges sought clarification from the Adani Group firm over the sharp rise in the share price. “The increase in trading volume/price of the shares is purely market-driven,” argued the company.

“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 statement, investors rushed to book profits, driving the stock down around 10 percent. Despite the recent surge in the stock, it is trading 70 percent lower on a year-to-date (YTD) basis. This is because the stock saw a massive wealth erosion following a scathing attack by the US-based short seller Hindenburg Research earlier in January.

On technical setup, analysts largely suggested that the stock looked ‘weak’. Support on the counter could be seen at Rs 975. On the higher side, resistance may be found around the Rs 1,150-1,185 zone.

Jigar S Patel, Senior Manager – Technical Research Analyst at Anand Rathi Shares and Stock Brokers, said, “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 joint venture between France’s energy major TotalEnergies and Adani Group.

All Adani Group stocks — including Adani Total — have recently logged decent gains after it was reported that the US government found short-seller Hindenburg Research’s allegations of corporate fraud against Indian billionaire Gautam Adani “irrelevant”.

Since the counter has seen a stellar rally, investors must avoid complacency, according to Osho Krishan, senior research 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 said.

Disclaimer:Disclaimer: The views and investment tips by experts in this News18.com report are their own and not those of the website or its management. Users are advised to check with certified experts before taking any investment decisions.

Source link

jaghit

Share
Published by
jaghit

Recent Posts

'मुख्यमंत्री कोविड-19 बाल सेवा योजना' के लिए नहीं है बजट? अब मंत्री नरेंद्र पटेल ने किया ये दावा

<p style="text-align: justify;"><strong>Madhya Pradesh News Today:</strong> भारत सहित पूरी दुनिया ने 3 साल वैश्विक महामारी…

3 months ago

Inside Hina Khan’s Pre-Birthday Celebrations With Rocky Jaiswal And Mother In Goa

Hina Khan’s birthday is on October 2. (Photo Credits: Instagram)From a stunning view of her…

3 months ago

Swiggy IPO Gets Sebi Approval: All You Need to Know About Rs 11,000-Crore Issue

Food and grocery delivery major Swiggy has received markets regulator Sebi’s clearance to launch its…

3 months ago

‘Imprints of Make in India visible everywhere’: PM Modi lauds 10 years of flagship initiative | India News

NEW DELHI: Prime Minister Narendra Modi on Wednesday lauded the efforts of each and every…

3 months ago

Waqf Amendment Bill JPC 1 Crore Emails Nishikant Dubey VHP Vinod Bansal Said it Email Jihad | वक्फ बिल पर 1 करोड़ से ज्यादा सुझाव: VHP बोली

Waqf Amendment Bill Email: वक्फ संशोधन बिल पर संयुक्त संसदीय समिति (जेपीसी) को सुझाव के लिए…

3 months ago

Georgia Meloni and Elon Musk date truth behind the viral photos

Meloni And Musk Viral Photos : दुनिया के सबसे अमीर शख्स एलन मस्क ज्यादातर किसी…

3 months ago