Shares of Adani Transmission gained 5% to Rs 1013.55 against the previous close of Rs 965.30 on BSE. The stock opened higher at Rs 969.90 on BSE today. Adani Transmission shares have lost 61.1 percent in a year and fallen 60.89 percent since the beginning of this year. Total 0.35 lakh shares changed hands amounting to a turnover of Rs 3.50 crore on BSE. Market cap of the firm rose to Rs 1.13 lakh crore.
The large-cap stock hit a 52-week high of Rs 4238.55 on September 16, 2022 and a 52-week low of Rs 630 on March 1, 2023.
In terms of technicals, the relative strength index (RSI) of Adani Transmission stands at 43, signaling neither the stock is overbought nor oversold. The stock has been highly volatile with its beta at 1.4 in the last one year. Adani Transmission shares are trading higher than the 50 day moving averages but lower than 5 day, 20 day, 100 day and 200 day moving averages.
Shares of Adani Transmission are trading 76.09% lower to their 52-week high.
Ravi Singh, Vice President and Head of Research, Share India said, "Adani Transmission is looking strong on the daily and weekly charts. The stock is a good investment option from medium to long term perspective. On the technical setup, Adani Transmission is likely to touch the levels of Rs 1050 in the near future."
Abhijeet from Tips2trade said, “Adani Transmission has strong resistance at Rs 1017 on the Daily charts. A close above this resistance could be bullish and lead to targets of Rs 1100-1170 in the near term. Support will be at Rs 965."
The Hindenburg report, which was released on January 24 this year, led to weak sentiment around the Adani Group stocks. In response, the Group called Hindenburg report as maliciously mischievous and unresearched, which, it said, adversely affected the Adani Group, its shareholders and investors.
Adani Group had said that the timing of the Hindenburg report's publication clearly betrays a brazen, mala fide intention to undermine the group's reputation with the principal objective of damaging the follow-on public offering from Adani Enterprises, which was the biggest FPO ever in India.
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