AEL, Adani Ports: Trading strategies in Adani Group stocks post Q4 results

Adani Group stocks technical outlook; Adani Enterprises, ACC and NDTV seem negative on the charts, while Adani Ports, Adani Green and Ambuja Cements hold promise. Other Adani stocks seen range-bound.

Adani Group of companies reported mixed earnings for the quarter ended March 2024. While cement major ACC was the stand-out performer, Adani Ports, Adani Wilmar and Adani Total Gas also reported strong growth, while the flagship firm and Adani Power disappointed.

The Adani Group flagship Adani Enterprises reported 37.6 per cent year-on-year (YoY) drop in March quarter consolidated net profit at Rs 450.58 crore, even as revenue from operations registered a marginal 0.8 per cent YoY growth at Rs 29,180 crore.

Among others, Adani Ports posted 76 per cent YoY surge in Q4 net to Rs 2,040 crore, backed by a 19 per cent jump in revenue. Adani Wilmar also reported a robust 67 per cent growth in net profit at Rs 156.75 crore. Adani Total Gas Q4 net soared 59 per cent to Rs 165 crore, and ACC had earlier reported 3-fold jump in quarter profit. Ambuja Cements net profit was up 6 per cent.

On the other hand, Adani Power net dipped 48 per cent to Rs 2,737 crore, and Adani Energy Solutions posted a 13 per cent decline in profit. Adani Green too saw a 33 per cent drop in net profit at Rs 310 crore. NDTV reported a net loss of Rs 8.74 crore, even as revenue jumped by 59 per cent.

Meanwhile, shares of Adani Group firms are also likely to remain on investor’s radar after the market regulator, Sebi, sent notices to seven companies of the Adani conglomerate, including its flagship Adani Enterprises with regards to regulatory violations.

On the bourses on Monday, all Adani Group stock traded on a negative note, falling up to 5 per cent. Adani Enterprises and Adani Ports were the major losers.  

Against this backdrop, here are the key support and resistance levels for Adani Group stocks as per technical charts.

Adani Enterprises

Current Price: Rs 2,875

Bias: Negative

Support: Rs 2,752; Rs 2,720

Resistance: Rs 3,083; Rs 3,130; Rs 3,170

Adani Enterprises stock is seen trading below its key moving averages on the daily scale since mid-April. Key momentum oscillators on the weekly scale too indicate a likely negative bias. Hence, the stock may face some downward pressure in the near term.

Charts suggests, that the stock seems on course to test the 200-DMA (Daily Moving Average) which stands at Rs 2,752, below which the next major support stands at Rs 2,720.

On the upside, the 100-DMA at Rs 3,083 followed by the short-term moving averages at Rs 3,130 and Rs 3,170 are likely to act as hurdles.

Adani Ports

Current Price: Rs 1,275

Bias: Cautiously Positive

Support: Rs 1,257

Resistance: Rs 1,400; Rs 1,450

Adani Ports stock is presently trading close to its key support at Rs 1,295 on the daily scale, and the 20-WMA (Weekly Moving Average) which stands at Rs 1,257. The bias for the stock is likely to remain cautiously optimistic as long as these supports are held.

On the upside, the stock can attempt a pullback towards the higher-end of the anticipated trading band on the weekly chart at Rs 1,450 levels, with interim resistance seen at Rs 1,400.

Adani Power

Current Price: Rs 588

Bias: Range-bound

Trading Range: Rs 560 - Rs 620

Adani Power stock has been trading in a narrow band of Rs 560 - Rs 620 since the last five weeks. A breakout from this range could set the next leg of trade. An upside breakout can lead the stock to new highs above Rs 650 levels. Whereas, a downward breakout could lead to test of Rs 500 levels.

Adani Green

Current Price: Rs 1,770

Bias: Positive

Support: Rs 1,763

Resistance: Rs 1,835; Rs 1,870

Adani Green stock is presently testing support around its 100-DMA, which stands at Rs 1,763, this also nearly coincides with the 20-WMA support at Rs 1,795. The bias for Adani Green stock is expected to remain positive as long as these supports are held. On the upside Adani Green stock can jump back to Rs 2,050 levels. Whereas, on the flip side sustained trade below these support levels opens the door for a steeper fall to Rs 1,500 levels. Resistance for the stock is seen at Rs 1,835 and Rs 1,870.

Adani Energy Solutions

Current Price: Rs 1,037

Bias: Range-bound

Trading Range: Rs 980 - Rs 1,150

Adani Energy Solutions stock has been trading in a narrow range of Rs 980 - Rs 1,150 for almost two months now. A downward breakout can lead the stock to Rs 920 and Rs 830 levels. Whereas, an upside breakout can trigger a rally to Rs 1,430 levels, shows the weekly chart.

Adani Total Gas

Current Price: Rs 908

Bias: Range-bound

Trading Range: Rs 880 - Rs 1,100

Adani Total Gas stock has been trading in a narrow band of Rs 880 - Rs 1,100. On the downside, the stock can extend its slide to Rs 810 levels, whereas on the upside, the stock can potentially rally towards the 200-WMA at Rs 1,375 levels.

Adani Wilmar

Current Price: Rs 338

Bias: Range-bound

Trading Range: Rs 330 - Rs 410

Adani Wilmar stock has been consolidating in the broad range of Rs 330 - Rs 410 since the last two months. The key support for the stock lies at Rs 315, below which the stock can dip to Rs 280 levels. On the upside, the stock has near resistance at Rs 385, above which it may re-test the higher end of the existing trading range at Rs 410 levels.

ACC

Current Price: Rs 2,510

Bias: Marginally Negative

Support: Rs 2,450; Rs 2,400

Resistance: Rs 2,520; Rs 2,550

The price-to-moving averages action seems negative for ACC stock, with its 50-DMA quoting above the 20-DMA. The moving averages suggest resistance for ACC stock at Rs 2,520 and Rs 2,550, respectively. On the downside, the stock has near support at Rs 2,450 and Rs 2,400. Break of the same can trigger a fall towards Rs 2,200-mark.

Ambuja Cements

Current Price: Rs 601

Bias: Marginally Positive

Support: Rs 609; Rs 589; Rs 572

Resistance: Rs 624

Ambuja Cements stock is seen testing support around its 50-DMA, a level the stock has consistently held since breakout in late November 2023. The 50-DMA stands at Rs 609, below which the next key supports are at Rs 589 and Rs 572.

On the upside, the stock needs to trade firmly above Rs 624, in order to resume the up move.

NDTV

Current Price: Rs 219

Bias: Negative

Support: Rs 209; Rs 203

Resistance: Rs 234

NDTV stock is seen struggling to sustain above its 200-DMA which stands at Rs 234. The near-term bias is likely to remain tepid, as long as the stock trades below the 200-DMA. On the downside, the stock has near support at Rs 209 and Rs 203, below which the stock can slide towards the 100-WMA at Rs 171 levels.