Adani Wilmar, Adani Power: Is it time to book profit in Adani Group stocks?

Adani Wilmar, Adani Power, and Adani Total Gas are expected to see up to 18 per cent upside in the coming sessions

Adani Group stocks continue to be bulls' darling on Dalal Street despite clocking massive gains during the previous year. Shares of Adani Wilmar have spiked 165 per cent so far in calendar year 2022, while those of Adani Power have soared 144 per cent, Adani Green Energy 67 per cent, and Adani Total Gas and Adani Enterprises 48 per cent and 28 per cent, respectively. In comparison, the BSE Sensex and Nifty 50 have rallied nearly 3.40 per cent each on a YTD basis.

On Wednesday, Adani Enterprises and Adani Green Energy hit their respective life-time highs after these two companies along with Adani Transmission announced plans to raise funds. READ MORE

But is there more steam left in these stocks? Here’s a tech check.

Adani Wilmar Ltd (AWL)

Likely target: Rs 700

Upside potential: 15%

 

The stock has doubled since its listing in February 2022. So far in the month of April, the stock has soared 18 per cent in just four trading sessions. The optimism is resilient and as long as the stock trades above Rs 550, its crucial support, the trend could see addition of longs and may rally towards the Rs 700 mark, daily chart shows. CLICK HERE FOR THE CHART

 

Adani Power Ltd (ADANIPOWER)

Likely target: Rs 280

Upside potential: 15%

The last 10 sessions have had a string of consecutive gains for Adani Power shares. Every up move witnessed the addition of long and a strong interest from market participants. Immediate support comes at Rs 200 and the unprecedented trend suggests a rally towards the Rs 280 mark. The Relative Strength Index (RSI) continues to see bullish sentiment in the overbought category signalling a weak selling pressure. CLICK HERE FOR THE CHART

 

Adani Total Gas Ltd (ATGL)

Likely target: Rs 3,000

Upside potential: 18%

The Adani Total Gas shares broke out after conquering the resistance of Rs 2,000 levels. And as long as it trades above it, the positive rally could gain higher grounds in months ahead. The overall trend is heading to Rs 3,000 levels, weekly chart shows. The Moving Average Convergence Divergence (MACD) has formed a positive crossover reflecting a robust momentum. CLICK HERE FOR THE CHART

 

Adani Green Energy Ltd (ADANIGREEN)

Likely target: Rs 2,500

Upside potential: 12%

 

The stock has put behind the resistance of Rs 2,100-mark with sturdy volumes. The bullish trend has a support of 50-day moving average (DMA) set at Rs 1,920 levels, which the stock has been able to hld since September 2021. Even in the last correction, the stock managed to uphold the said average. The next reach could be Rs 2,500 levels, shows the daily chart. CLICK HERE FOR THE CHART

 

Adani Enterprises Ltd (ADANIENT)

Likely target: Rs 2,400

Upside potential: 11%

Adani Enterprise has added 10 per cent in the last 5 sessions. The stock continues to see the addition of a long investment, as per the daily chart. Anything above the support of Rs 2,000 should see more interest of market participants. The overall trend is signalling a rally in the direction of Rs 2400.  CLICK HERE FOR THE CHART