Shares of Adani Total Gas Ltd continued its sharp upward move for the second straight session in Wednesday's trade. The stock surged 17.99 per cent to hit a day high of Rs 760. At this price, it has gained 41.58 per cent in two sessions. The recent spike in the share price came after the Supreme Court reserved its order in the Adani-Hindenburg case after hearing multiple pleas in the matter. A bench led by the Chief Justice of India DY Chandrachud said that the top court can't doubt Sebi's probe into the case by just relying on media reports.
Despite the mentioned rise, the scrip has tanked 80.99 per cent from its 52-week high price of Rs 3,998.35, a level seen on January 23, 2023.
In addition, the company said it has initiated a green hydrogen production and blending pilot project. "We will utilise cutting-edge technologies to blend green hydrogen (GH2) with natural gas for over 4,000 residential and commercial customers in Ahmedabad as part of this project," Adani Total stated.
On techncial setup, support on the counter could be seen at Rs 700 while resistance may be found above Rs 760 level. An analyst recommended booking profit at current levels.
AR Ramachandran from Tips2trades said, "Adani Total Gas looks bullish but also very overbought on daily charts with next resistance now at Rs 777. Investors should book profits at current levels as a daily close below support of Rs 681 could lead to target of Rs 585 in the near term."
Jigar S Patel, Senior Manager - Technical Research Analyst at Anand Rathi Shares and Stock Brokers, said, "Short-term trading range for the stock would be Rs 650-850. The counter has support around Rs 700 level. On the higher side, resistance may be seen at Rs 760."
DRS Finvest founder Ravi Singh said the stock may see Rs 770 level in the near term. For the said higher target, keep stop loss placed at Rs 700, Singh mentioned.
The counter was last seen trading higher than the 5-day, 10-, 20-, 30-, 50-, 100-, 150-day simple moving averages (SMAs) but lower than the 200-day SMA.
The stock's 14-day relative strength index (RSI) came at 82.68. A level below 30 is defined as oversold while a value above 70 is considered overbought. The company's stock has a price-to-equity (P/E) ratio of 124.70 against a price-to-book (P/B) value of 21.96.
Adani Total Gas is a joint venture between France's energy major TotalEnergies and Adani Group.
(Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.)
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