Shares of Adani Green Energy Ltd are in a correction mode in the last one year. The Adani Group stock is down 60% from its 52-week high of Rs 2,173.65 reached on June 3, 2024. With the stock trading near its 52-week low of Rs 818.50 hit on February 24, 2025, it has lost 55.65% in the last one year.
The ongoing fall in the Adani Green Energy stock has brought it into the oversold zone with the RSI falling below the 30 mark. The RSI stands at 26.7.
Adani Green Energy stock was trading at Rs 848 on BSE today. Market cap of Adani Green Energy stood at Rs 1.35 lakh crore. Total 1.25 lakh shares changed hands amounting to a turnover of Rs 10.53 crore.
The large cap stock hit a 52-week high of Rs 2173.65 on June 3, 2024.
It has a high beta of 1.8, indicating very high volatility in the last one year. Adani Green shares are trading lower 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.
Jigar S Patel from Anand Rathi said, "Support will be at Rs 790 and resistance at Rs 880. A decisive move above the Rs 880 level may trigger a further upside to Rs 920. The expected trading range will be between Rs 790 and Rs 920 in the short-term."
Hardik Matalia, Derivative Analyst, Choice Broking said, "The stock is in a clear bearish trend, consistently forming lower highs and lower lows. It is presently consolidating near its key support zones, and any breach below these levels could trigger further downside. Given the ongoing weakness, any up move should be considered a selling opportunity until a strong reversal pattern emerges. On the downside, Rs 815 is the immediate support level, followed by Rs 800. If the stock falls below these levels, it may experience extended selling pressure, pushing prices lower. For short-term traders, buying at current levels is not advisable, as the trend remains weak and a clear reversal signal is yet to be seen. However, for long-term investors, this correction can provide a gradual buying opportunity. They can consider partial accumulation at current levels and add more on further dips, keeping a long-term perspective."
AR Ramachandran, SEBI registered Independent analyst says, "Adani Green Energy is bearish but oversold on the Daily charts with strong support at Rs 819. A daily close above the resistance of Rs 886 could lead to a target of Rs 1003 in the near term."
The firm reported a 85 per cent rise in consolidated net profit to Rs 474 crore for the December quarter on the back of higher revenues from power supply. Net profit stood at Rs 256 crore in the year ago period.
Revenue from power supply rose to Rs 1,993 crore in the December 2024 quarter from Rs 1,765 crore in the same period year ago.
"We are steadily developing the world's largest RE plant in Khavda, Gujarat as well as large-scale plants in Rajasthan and other sites, supported by well-aligned transmission planning. Our updated strategy now includes largescale deployment of Battery Energy Storage Systems (BESS), given significant cost declines in last few quarters," said CEO Amit Singh.