These 3 Adani Group stocks hit upper price bands; here's what tech charts suggest

Shares of three Adani Group companies -- Adani Transmission, Adani Total Gas and Adani Green Energy -- extended their gains in Monday's trade and touched hit their respective upper price bands. Adani Transmission today jumped 5 per cent to hit a day high of Rs 1,003.95 over its previous close of Rs 956.15. Yet, the counter has lost 60.63 per cent on a year-to-date (YTD) basis.

The stock was last seen trading higher than the 5-day and 20-day moving averages but lower than the 50-day, 100- and 200-day moving averages. The counter's 14-day relative strength index (RSI) came at 48.23. 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 778.30.

Adani Transmission has an average target price of Rs 4,172, Trendlyne data showed, suggesting a potential upside of 316.85 per cent. The scrip has a one-year beta of 1.32, indicating high volatility.

"The stock now faces strong resistance at Rs 1,009. A daily close above this resistance could be bullish and lead to targets of Rs 1,068-1,155 in the near term. Support will be at Rs 953," said AR Ramachandran from Tips2trades.

Adani Total Gas also gained in the same quantum. The stock climbed 5 per cent to touch a day high of Rs 907.55. Although, it has fallen 65.94 per cent so far this year.

The stock was last seen trading higher than the 5-day and 20-day moving averages but lower than the 50-day, 100-day and 200-day moving averages. The counter's 14-day RSI came at 41.69. The company's stock has a P/E ratio of 189.61.

Adani Total has an average target price of Rs 3,475, suggesting a potential upside of 283.49 per cent. The scrip has a one-year beta of 1.54, indicating high volatility.

"The counter faces strong resistance at Rs 930. A daily close above this resistance could be bullish and lead to targets of Rs 1,029-1,135 in the near term. Support will be at Rs 869," Ramachandran said.

On similar lines, Adani Green Energy rose 5 per cent today and was locked at its upper price band of Rs 897.80. That said, the stock has declined 52.47 per cent in 2023 so far.

The stock was last seen trading higher than the 5-day, 20- and 50-day moving averages but lower than the 100-day and 200-day moving averages. The counter's 14-day RSI came at 54.78. The company's stock has a negative P/E ratio of 663.93.

Adani Green has an average target price of Rs 3,581, suggesting a potential upside of 298.27 per cent. The scrip has a one-year beta of 1.03, indicating average volatility.

"The stock faces strong resistance at Rs 936. A daily close above this resistance could be bullish and lead to targets of Rs 954-1,075 in the near term. Support will be at Rs 856," Ramachandran said.

The listed entities of Adani Group saw a massive market value erosion since January 24 this year, when US-based short seller Hindenburg Research released a report alleging stock manipulation and accounting fraud by the Gautam Adani-led conglomerate. Adani Group, however, denied all the allegations.

The stocks recorded a sharp recovery after US boutique investment firm GQG Partners announced a cumulative investment of Rs 15,446 crore in four Adani firms -- Adani Enterprises, Adani Green Energy, Adani Ports and Adani Transmission.

Meanwhile, Indian equity benchmarks turned flat in late-morning deals as losses in banks and financials countered gains in automobile and energy stocks.

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