Adani Green, Adani Ports: Trading strategies for Adani Group stocks

Few group stocks may see profit-booking, but for others, the current levels may provide an opportunity to enter.

Most Adani Group stocks were trading in the green in the afternoon deals on Tuesday. While Adani Green was up over 2 per cent at Rs 1,204 on the BSE, Adani Power was trading nearly 1.5 per cent higher at Rs 38.95 on the BSE. Meanwhile, Adani Ports jumped 7 per cent to Rs 401.85 on the BSE after the company said it ranked 14th in the transportation and transportation infrastructure sector of Dow Jones Sustainability Emerging Markets Index, 2020. APSEZ is the only company from India to have been included in this sector. 

Let's take a look at how Adani Group stocks look on charts and what should be your trading strategy.

Adani Ports and Special Economic Zone Ltd (ADANIPORTS): A decisive close above Rs 372 levels has led to a strong bullish sentiment. This move is gradually testifying the upside with volumes witnessing an upswing. The Moving Average Convergence Divergence (MACD) is not highlighting any weakness in the momentum, suggesting a positive direction. Going forward, till the stock defends Rs 372, the upside trend may rally in the direction of Rs 420 and Rs 440 levels. CLICK HERE FOR THE CHART

 
Adani Enterprises Ltd (ADANIENT): The counter has doubled in the last three months rising from Rs 190 levels. This move may see a healthy profit-booking; however, the trend is highly positive with corrective moves likely to gain buying momentum. The support comes in at Rs 375 with the rally moving towards Rs 440 levels. The Relative Strength Index (RSI) is in an overbought condition, yet not witnessing any major sell-off. This shows the strength in the stock price. CLICK HERE FOR THE CHART
 
Adani Green Energy Ltd (ADANIGREEN): This counter has witnessed a massive rally from the March 2020 lows of Rs 112 to the current levels of Rs 1,200. The positive momentum is still intact with the counter set to enter uncharted territories ahead. The immediate support comes in at Rs 990 which seems the decisive level. Till the stock trades above the same, the optimistic sentiment is here to stay. The overall trend is indicating a rally towards Rs 1,500 levels, as per the weekly chart. CLICK HERE FOR THE CHART
 
Adani Power Ltd (ADANIPOWER): Till the stock does not conquer the 200-weekly moving average (WMA) firmly, the trend may not see a fruitful rally. This is the third time the counter is attempting to cross 200-WMA. The downside support stays at Rs 35 levels, as per the weekly chart. The MACD is rising towards the zero line, indicating a positive direction at current levels. CLICK HERE FOR THE CHART
               
Adani Transmission Ltd (ADANITRANS): After absorbing the selling pressure in the range of Rs 350 to Rs 370, this counter is ready to climb higher levels from a medium-term perspective. This breakout may see a gradual rise with profit-booking been considered as the buying and accumulating opportunities.  The immediate support stands at Rs 360 and Rs 340 levels with the trend moving in the direction of Rs 430 levels, as per the weekly chart. CLICK HERE FOR THE CHART
 
Adani Gas Ltd (ADANIGAS): This counter needs to decisively close above Rs 350 to climb the next uncharted territory of Rs 400 levels. This resistance is indicating a selling and profit booking pressure. Till the price defends the support of Rs 325, the upside bias may prevail, as per the price formation on the daily chart. CLICK HERE FOR THE CHART