Adani Green Energy Share Price Update: As of September 30, 2023, at 12:00 PM, Adani Green Energy’s share price is ₹1963, reflecting a decrease of -1.14% from the previous closing price. In comparison, the Sensex index is also down by -1.14%, standing at ₹84,597.11. Throughout the trading day, the stock has experienced a high of ₹1989.7 and a low of ₹1935.5.
Technical Analysis
From a technical perspective, Adani Green Energy’s stock is trading above the simple moving averages (SMA) for the 20, 50, 100, and 300 days. However, it is currently below the 5 and 10-day SMAs, indicating short-term weakness. The stock is expected to find support at the 20, 50, 100, and 300-day SMAs while facing resistance at the 5 and 10-day SMAs.
SMA (Simple Moving Average) Values
The specific SMA values for Adani Green Energy will be critical for traders looking to make informed decisions.
Key Price Levels
Pivot level analysis indicates that on a daily timeframe, significant resistance levels for the stock are at ₹2049.38, ₹2126.37, and ₹2168.43. Conversely, key support levels are identified at ₹1930.33, ₹1888.27, and ₹1811.28. Understanding these levels is vital for investors in assessing potential entry and exit points.
Trading Volume Insights
As of 12 PM today, the trading volume for Adani Green Energy on both NSE and BSE is down by -54.85% compared to the previous trading session. Trading volume plays a critical role in market dynamics; generally, an upward price movement accompanied by higher volume indicates a sustainable trend, while downward price movements could signal potential declines if supported by high volume.
Trend Analysis
According to Mint’s technical analysis, the stock exhibits initial signs of a trend reversal following a robust uptrend. This trend reversal may represent an opportunity for informed investors looking to capitalize on market shifts.
Fundamental Analysis
From a fundamental analysis viewpoint, Adani Green Energy reports a return on equity (ROE) of 12.84%. The stock currently has a price-to-earnings (P/E) ratio of 282.02, which could suggest overvaluation compared to market norms. Investors often examine these indicators to evaluate a stock’s potential for growth and sustainability.
Future Price Projections
The median 1-year forecast indicates a modest upside of 1.82% for the share, with a target price set at ₹1998.75. This projection provides a useful benchmark for investors considering their long-term investment strategy.
Shareholding Structure
As per the latest filings for the June quarter, Adani Green Energy has a promoter holding of 57.52%, mutual fund (MF) holding of 1.36%, and foreign institutional investment (FII) holding of 16.91%. Understanding the distribution of shareholding can provide insights into the confidence levels of various stakeholders in the company’s performance.
Change in Foreign Institutional Investment
The FII holding has seen a decline from 18.15% in March to 16.91% in the June quarter. This decrease may suggest a cautious stance among foreign investors regarding the company’s prospects.
Market Performance Summary
On the day, Adani Green Energy’s share price has decreased by -1.14% and is currently trading at ₹1963. The performance of its peers presents a mixed picture; while Tata Power shares are declining, others like NTPC, Power Grid Corporation of India, and Adani Power are witnessing increases. Overall, benchmark indices Nifty and Sensex have fallen by -1.1% and -1.14% respectively, indicating a broader market trend downward.
