Adani Power, Adani Enterprises: Bulls tighten grip over Adani Group stocks

Gautam Adani, the chairman of the Adani group conglomerate, became the world's third richest person on Tuesday, overtaking Bernard Arnault, according to Bloomberg Billionaire Index. With a $137.4 billion fortune, the business tycoon is the first Asian to enter the list of top three richest people globally. READ MORE

The billionaire industrialist was in the limelight last week as he sought controlling stake in private news channel NDTV. 

On the bourses, shares of the listed Adani group companies have done exceptionally well, outperforming the benchmark indices in the current calendar year. Shares of Adani Power, for instance, have tripled, while those of Adani Transmission and Adani Total Gas have doubled to date. Moreover, shares of Adani Enterprises, and Adani Green Energy have surged 85 per cent each in 2022. The newly traded Adani Wilmar shares, too, have doubled this year. 

Against this backdrop, will Adani's fortunes remain solid? Here's a chart check:

Adani Power Ltd (ADANIPOWER)

Likely target: Rs 450 and Rs 470

Upside potential: 9% to 14%
 

Adani Power's shares broke out in early August 2022, overturning the hurdle of Rs 350-mark with aggressive volumes. Thus, as long as the breakout mark is upheld, the medium-term bullishness is here to stay. Chart patterns and candlestick formations are seeing gap-up moves, exhibiting robust price strength. The immediate hurdle comes to Rs 450, and thereafter at Rs 470 levels. CLICK HERE FOR THE CHART

Adani Transmission Ltd (ADANITRANS)

Likely target: Rs 4,350

Upside potential: 10%

A vertical rise in stock since June 2022 could see some profit booking, even though the underlying trend continues to remain strong. The support comes at Rs 3,500 and Rs 3,000 levels with a probable gradual upside, shows the daily and weekly chart. The bullish trend is heading towards Rs 4,350 levels. CLICK HERE FOR THE CHART

Adani Total Gas Ltd (ATGL)

Likely target: Rs 4,000

Upside potential: 10%

The stock is attempting to overpass the hurdle of Rs 3,600-mark, which is the recent area of reversal. If it manages to conquer this level, the breakout could trigger a fresh up move towards Rs 4,000 levels, according to the daily chart. Support for the stock exits at Rs 3,400 and Rs 3,200 levels. CLICK HERE FOR THE CHART

Adani Green Energy Ltd (ADANIGREEN)

Likely target: Rs 3,000

Upside potential: 22%

After experiencing steep sell-off, the support of 200-day moving average (DMA), held since June 2022, has restored the bullish bias for Adani Green Energy. The stock succeeded to hold ground firmly along the 200-DMA, currently placed at Rs 1,953 mark. Thus, unless the stock negates the 200-DMA support conclusively, the uptrend seems to take the stock to Rs 3,000-mark, shows the daily chart. CLICK HERE FOR THE CHART

Adani Enterprises Ltd (ADANIENT)

Likely target: Rs 3,650

Upside potential: 10%

Recent price formation on the daily chart shows that the stock is struggling to overcome Rs 3,300 levels. However, the stock is forbidding to breach Rs 3,000 on the downside also. The stock price momentum is robust on the upside and making every effort to absorb the selling pressure. A close over Rs 3,300 would embark a fresh trend towards Rs 3,650 levels. CLICK HERE FOR THE CHART