Adani Green, Adani Total Gas: How to trade Adani group stks post ASM exit?

Barring Adani Transmission, Adani Green Energy and Adani Total Gas appears for a smart reversal on the charts unless key supports are breached

Shares of Adani group- Adani Green Energy, Adani Total Gas and Adani Transmission will be in spotlight on Monday, as they phase out the Additional Surveillance Measure (ASM) on May 15. 

Adani Total Gas and Adani Transmission shares’ were both seen trading with a cut of 4.70 per cent each, while Adani Green Energy shares were down 2.20 per cent, in the early morning session on Monday.

This current month has been sluggish for these shares, without any modest direction. The sentiment has remained risky and continues to witness uncertainty over the future run. 

So far this month, Adani Total Gas and Adani Transmission have tumbled close to 18 per cent, while Adani Green Energy has plunged 8 per cent.

Here’s the technical outlook for Adani group stock moving out of ASM:- 

Adani Green Energy Ltd (ADANIGREEN)

Outlook: Stock may rally 20 upon crossing Rs 1,180

Shares of Adani Green have been trading sideways since late March of this year and a breakout over Rs 1,080 level could see upside to Rs 1,300 levels. 

Correspondingly, if the stock falls beneath the key support of Rs 800-mark, bears may exploit the positive bias, taking the stock in the direction of Rs 700 to Rs 600 levels, as per the daily chart. CLICK HERE FOR THE CHART

Adani Total Gas Ltd (ATGL)

Outlook: Stock may rally 19 per cent if conquers Rs 1,050

The recent candlestick formations display accumulation in the range of Rs 850 to Rs 800 levels. Thus, until this range continues to bolster the positive bias (closing basis); the stock could make attempts to breakout over the key hurdle of Rs 1,050 mark.

When that occurs, the upside rally could see Rs 1,250 levels, its next resistance, as per the daily chart. Moreover, there are positive divergences on the Relative Strength Index (RSI), which normally suggest a bullish bias.  CLICK HERE FOR THE CHART

Adani Transmission Ltd (ADANITRANS)

Outlook: Stock may fall 15%

Shares of Adani Transmission looks bearish, as the failed to hold the previous reversal mark of Rs 896. This has led to more bearishness, and the momentum may shift in bears’ favour if the stock fails to recoup recent decline.

The bearish bias may see the stock falling towards Rs 800 to Rs 750 levels. The current trend is fragile, and may slip from the positive sentiment.  CLICK HERE FOR THE CHART