Adani Ports, Adani Green: How to trade Adani group stocks in the days ahead

Most stocks are showing further upside of 15-20 per cent on the charts. One can stay invested for now

Shares of Adani Group companies have been in the news recently. Adani Ports and Special Economic Zone, for instance, surged 4.6 per cent to Rs 755 on the BSE in the intra-day deals on Tuesday, after the company announced acquisition of controlling stake in Gangavaram Port for Rs 3,604 crore. READ ABOUT IT HERE

Adani Green Energy hit Rs 2-trillion market capitalisation (market-cap) on the BSE, while Adani Total Gas touched Rs 1-trillion m-cap in the intra-day deals after a strong rally in these stocks. Adani Green Energy (AGEL) is the first group company to hit Rs 2-trillion market-cap. READ MORE HERE

So, is it a good time to buy these stocks or have they become over-heated after the recent spurt? Here's what charts say.

Adani Enterprises Ltd (ADANIENT): The counter has doubled in last three months and has seen phenomenal gains from year-to-date in 2021, as per the monthly charts. The continued strength in the overbought condition of Relative Strength Index (RSI) has seen a good buying momentum. Such move indicates further upside towards Rs 1,500 levels with a support of Rs 900 and Rs 825 levels. CLICK HERE FOR THE CHART

Adani Ports and Special Economic Zone Ltd (ADANIPORTS): The stock has been weak but has not translated into any major downside. The immediate reversal nearing the support of Rs 650 indicates that the counter is nearing its accumulation level, as per the weekly chart and should witness a buying momentum in the days ahead. Going forward, any move above Rs 770 levels may result in a breakout towards Rs 900 and then Rs 1,000 levels. CLICK HERE FOR THE CHART

Adani Green Energy Ltd (ADANIGREEN): With a 5 per cent upper circuit on Tuesday, the counter has indicated an upside towards Rs 1,500 levels on the charts. A sustained move above Rs 1,200 levels, which has become a support for the stock, suggests that the bias will remain positive in the coming sessions. Unless, a decisive breakdown does not emerge below Rs 1,200 levels, the stock may even hit Rs 1,700 in the medium-term, as per the daily chart. CLICK HERE FOR THE CHART

Adani Power Ltd (ADANIPOWER): The stock has doubled in the last 15 sessions and chart patterns indicate more room for an upside in the days ahead. All the selling pressure has been absorbed in the overbought category of RSI, suggesting a positive sentiment. The immediate support comes at Rs 90 levels with the trend indicating a rise towards the Rs 120 mark, as per the daily chart. CLICK HERE FOR THE CHART

Adani Total Gas Ltd (ATGL): The counter is gradually rising with the “Higher High, Higher Low” formation as per the weekly chart. There is support (closing basis) at Rs 750 levels. The overall trend hints that the counter is heading towards the Rs 1,000 mark. The volumes, too, remain supportive of a further rally.  CLICK HERE FOR THE CHART

Adani Transmission Ltd (ADANITRANS): The bearish divergence of RSI has not been able to dismantle the upside bias in the counter, as per the daily chart. Going forward, a decisive close above Rs 850 levels may see the stock trade in the uncharted territory of Rs 1,000 levels. The closing basis support stays at Rs 800. CLICK HERE FOR THE CHART