Adani Transmission, Adani Wilmar, Adani Power end in green, Adani Green shares slip in red; check details
3 min read 07 Jun 2023, 08:53 AM ISTAdani Stocks Today: Circuit limitations for Adani Green Energy, Adani Transmission, and Adani Wilmar have been raised from 5% to 10%. The increase in the circuit limit from 5% to 20% will most favour Adani Power.
PremiumShares of Adani Transmission, Adani Wilmar, Adani Power ended in green, while Adani Green Energy shares closed in red on Wednesday's trade. Despite starting the trade in the green, Adani Green shares were unable to sustain their gains. Four Adani stocks were in focus after on Wednesday's session after the bourses on Tuesday's increased the circuit limits.
Adani Green share price closed at ₹985.45, down 0.75%, Adani Transmission share price closed at ₹837.50, up 2.62%, Adani Wilmar shares ended at ₹433.85, up nearly 1%, and Adani Power share price ended at ₹274.80, up 4.5%.
The NSE and BSE have raised the circuit limits for four stocks belonging to the Adani Group on Tuesday, in order to facilitate higher trading activity
According to an NSE circular, the adjustments, which take effect on Wednesday, June 7, will ensure that the price of the stock cannot go either higher or downward above a limit specified for the day.
The circuit limits have been changed for Adani Green Energy, Adani Transmission, and Adani Wilmar to 10% from 5%. Adani Power will benefit the most as the circuit limit has been raised from 5% to 20%.
Shares of Adani Transmission and Adani Wilmar closed the day on Tuesday at ₹816.25 and ₹429.65, respectively, with a 1% drop. Adani Green Energy shares closed the day 0.4% higher at ₹991.85, while Adani Power shares finished 1.4% higher at ₹263.
A total of 172 companies will have their circuit limits changed, according to the exchange.
The circuit limit for Adani Transmission, Adani Green Energy, and Adani Total Gas was reduced in January by the stock exchanges BSE and NSE. Following allegations made against the company by US-based Hindenburg Research, the decision was made after the Adani stocks took a significant beating.
In the Hindenburg investigation, the conglomerate was accused with stock manipulation and fraud.The Adani Group criticised Hindenburg, calling it 'an unethical short seller', and said that the New York-based organisation's research was 'nothing but a lie'.
Exchanges examine circuit restrictions on a regular basis while keeping an eye on the volatility and movement of equities. This evaluation includes adjustments to circuit limits. The new circuit limitations will be in place as of Wednesday.
Shares of Adani Transmission and Adani Wilmar closed the day on Tuesday at ₹816.25 and ₹429.65, respectively, with a 1% drop. Adani Green Energy shares closed the day 0.4% higher at ₹991.85, while Adani Power shares finished 1.4% higher at ₹263.
A total of 172 companies will have their circuit limits changed, according to the exchange.
The circuit limit for Adani Transmission, Adani Green Energy, and Adani Total Gas was reduced in January by the stock exchanges BSE and NSE. Following allegations made against the company by US-based Hindenburg Research, the decision was made after the Adani stocks took a significant beating.
In the Hindenburg investigation, the conglomerate was accused with stock manipulation and fraud.The Adani Group criticised Hindenburg, calling it 'an unethical short seller', and said that the New York-based organisation's research was 'nothing but a lie'.
Exchanges examine circuit restrictions on a regular basis while keeping an eye on the volatility and movement of equities. This evaluation includes adjustments to circuit limits. The new circuit limitations will be in place as of Wednesday.
Technical Views
Kapil Shah, Technical Analyst, Emkay Global and Technical Trainer, Finlearn Academy, said that Adani Green Energy from past 48 trading session, the stock is consolidating in the range of ₹865 to ₹1050. Short to long term moving averages are flat. It indicates, stock is in sideways movement.
According to Shah, Adani Power took support at long term moving average and previous breakout level. The stock has started to form higher high and higher low sequence, which is a sign of resumption of positive trend.
The stock has started to trade above short to long term moving average, this aspect describe strong momentum in the stock," added Kapil.
Further, Adani Transmission is trading with the formation of lower low and trading below short to long term moving average. It indicates negative momentum in stock.
Shah said that Adani Wilmar after massive decline, the sttock is consolidating in the range of 360 to 490 range for past 19 weeks. However, the stock is finding stability after fall but yet to resume upside movement.
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