Shares of Adani Total Gas Ltd on Monday fell 4.87 per cent to close at Rs 772. Despite recording a drop in today's session, the stock has recovered 28.90 per cent in the past five sessions and 8.52 per cent in a month. With that being said, the scrip has slumped 22.88 per cent in the calendar year 2024 so far.
Bourses BSE and NSE have put the securities of Adani Total under the short-term ASM (Additional Surveillance Measure) framework. Exchanges put stocks in short-term or long-term ASM frameworks to caution investors about high volatility in share prices.
Technically, support on the counter could be seen in the Rs 750-700 range. Upside is capped at Rs 815, followed by Rs 850 and 862 levels. An analyst suggested that investors should avoid the stock, given the present setup.
Jigar S Patel, Senior Manager - Technical Research Analyst at Anand Rathi, said, "Support will be at Rs 750 and resistance at Rs 815. A decisive move above Rs 815 level may trigger a further upside towards Rs 850. The expected trading range will be between Rs 750 and Rs 850 for the short term."
Kushal Gandhi, Technical Analyst at StoxBox, said, "The share price has shown a modest recovery from its lows of Rs 545. However, the stock faces immediate resistance in the Rs 875-855 range. It would be prudent to avoid buying the stock at its current market price (CMP). It is advisable to wait for a closing price above Rs 862 level, which would negate the bearish pattern validity. Therefore, we recommend avoiding the purchase of Adani Total Gas shares at CMP."
Osho Krishan, Senior Research Analyst - Technical & Derivatives at Angel One, said, "Adani Total Gas has seen a decent recovery last week. 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."
Meanwhile, all listed Adani stocks have seen massive fluctuation after US authorities accused group chief Gautam Adani, his nephew Sagar and a few other executives of being part of a scheme to pay bribes to secure Indian power supply contracts and misleading US investors.
The Indian conglomerate, on its part, claimed that there were no bribery charges against 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.
In addition, the group has termed 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.