Like most other Adani Group stocks, Adani Total Gas Ltd shares also continued their strong upmove in Friday's trade. The stock jumped 7.34 per cent to hit a day high of Rs 862.15. At this price, it has rallied 48.72 per cent in just three trading sessions.
The fresh strength in Adani counters appeared as big investors kept their faith in the group after its clarification on the alleged US bribery case. The Indian conglomerate claimed that there were no bribery charges against Gautam Adani and other group executives. It also said that its portfolio companies have sufficient liquidity to cover all debt servicing requirements for at least the next 12 months.
On the stocks-specific front, Adani Total saw heavy trading volume today as around 8.31 lakh shares were last seen changing hands on BSE. The figure was higher than the two-week average volume of 6.18 lakh shares. Turnover on the counter came at Rs 68.97 crore, commanding a market capitalisation (m-cap) of Rs 90,464.88 crore.
Technically, a series of support on the counter could be seen in the Rs 700-750 range. Immediate resistance may be found above Rs 870 level.
"The stock has a stiff resistance near the Rs 880-900 zone and a decisive surpass could only trigger another leg of rally in the counter. Conversely, a series of support is seen at Rs 750-700-odd levels in the comparable period," said Osho Krishan, Senior Research Analyst - Technical & Derivatives at Angel One.
"Adani Total can hit an upside target of Rs 860. Keep stop loss placed at Rs 780 for this trade," said Ravi Singh, Senior Vice-President (Retail Research) at Religare Broking.
"We foresee a short-term opportunity with a target price of Rs 870 and recommend maintaining a stop loss at Rs 744," said Kushal Gandhi, Technical Analyst at StoxBox.
Adani Total Gas is a joint venture between France's energy major TotalEnergies and Adani Group.
Last week, US authorities accused Adani, his nephew and executive director Sagar Adani and managing director of AGEL, Vneet S Jaain, of being part of a scheme to pay bribes to secure Indian power supply contracts and misleading US investors.
The Adani Group has denied the accusations in the US indictment as baseless and said it will seek all legal recourse.
The fresh charges follow much turmoil for the Adani Group in January last year when US-based short seller Hindenburg Research accused it of using offshore tax havens improperly - a charge that the Indian conglomerate has denied.