Shares of Adani Green Energy Ltd (AGEL) are stuck in bear grip in long and short term. Apart from 449.52% rally in five years, the stock has delivered negative returns in two weeks to three year period. Charts show mild returns of 5% in the last one week. The stock has a beta of 1.8, reflecting high volatility in a year. At the current level, Adani Green Energy is down 52.39% from the 52-week high of Rs 2173.65 reached on June 3, 2024 on BSE.
In the current session, Adani Green Energy stock closed 2.72% higher at Rs 1035 on BSE. Market cap of Adani Green Energy stood at Rs 1.63 lakh crore. Total 12.06 lakh shares changed hands amounting to a turnover of Rs 126.01 crore.
The Adani Green Energy stock is down 38.71% in a year and lost 41.15% in three months.
The large cap stock hit a 52-week high of Rs 2173.65 on June 3, 2024 and a 52-week low of Rs 870.90 on November 27, 2024. It has a high beta of 1.8, indicating very high volatility in the last one year. The Adani Group’s stock is trading neither in the oversold nor in the overbought zone, signals the relative strength index (RSI) of 42.9. Adani Green shares are trading higher than the 5 day, 10 day, 20 day but lower than the 30 day, 50 day, 100 day, 150 day and 200 day moving averages.
Gaurav Bissa, VP, InCred Equities said, "Adani Green has been under pressure for the last few months and has underperformed its peers. It has managed to hold the previous swing low of Rs 870 and bounced back sharply implying a further upside of Rs 1,200. Investors are advised to hold their positions with a stop loss of Rs 870 but fresh additions are advised to be avoided. It continues to trade below major moving averages on the weekly charts which implies the upside is likely to be limited in the near term and one should avoid bottom fishing at the current juncture."
Ameya Ranadive, Chartered Market Technician, CFTe, Sr Technical Analyst, StoxBox said, "Adani Green is currently trading at Rs 1,006, after witnessing a strong 13% relief rally from the recent low of Rs 885. The Rs 885 level has acted as a crucial support zone in 2023, helping the stock regain positive momentum. Today’s rally was accompanied by a significant spike in volumes, further strengthening the bullish sentiment. On the technical front, the stock has rebounded sharply from oversold conditions, with the Relative Strength Index (RSI) recovering from 25 to 43, indicating renewed buying interest."
AR Ramachandran, SEBI registered Independent analyst said, "Adani Green is bullish on the Daily charts with strong support at Rs 897. A Daily close above the resistance of Rs 1,011 could lead to a target of Rs 1150 in the near term."
Adani Green presents a promising buying opportunity above Rs 1,030, with a target of Rs 1,250 in the near term. However, traders should remain cautious, as the bullish view will be invalidated if the stock falls below the critical support level of Rs 860."
The Adani Group firm reported a 39% rise in consolidated net profit for the September 2024 quarter. Net profit climbed to Rs 515 crore in Q2 of this fiscal against Rs 371 crore in the September 2023 quarter. Revenue from operations in Q2 climbed 16.33% to Rs 2,308 crore against Rs 1984 crore in the corresponding period of the previous fiscal.