Current Overview of Adani Green Energy Share Price
As of October 3rd, 2023, at 11:02 AM, the shares of Adani Green Energy are trading at ₹1819.7, reflecting a decline of 3.43% from the previous closing price. In comparison, the Sensex is currently at ₹83299.67, down by 1.15%. Throughout the trading day, the stock reached a high of ₹1869.25 and a low of ₹1817.8, indicating a volatile trading session.
Technical Analysis
From a technical standpoint, Adani Green Energy is presently trading above its 300-day Simple Moving Average (SMA), while it remains below the 5, 10, 20, 50, and 100-day SMAs. This situation suggests that the stock has a robust support level established at the 300-day SMA while resistance comes from the shorter-term moving averages.
SMA Values
The detailed SMA values for Adani Green Energy are pivotal for understanding its trend. Below are the current SMA values:
- 5-Day SMA: [value]
- 10-Day SMA: [value]
- 20-Day SMA: [value]
- 50-Day SMA: [value]
- 100-Day SMA: [value]
- 300-Day SMA: [value]
Pivot Level Analysis
An in-depth analysis of the classic pivot levels reveals that on a daily time frame, Adani Green Energy encounters key resistance levels at ₹1916.33, ₹1947.72, and ₹1965.88. Meanwhile, the stock has critical support levels at ₹1866.78, ₹1848.62, and ₹1817.23, which will be crucial for future price movements.
Market Sentiment
According to Mint’s technical analysis, after experiencing a strong uptrend, Adani Green Energy shares are showing early signs of a possible reversal. Investors should monitor these indicators closely as they might signal changes in market sentiment.
Fundamental Analysis
From a fundamental standpoint, the company showcases a Return on Equity (ROE) of 12.84%, indicating good profitability relative to shareholder equity. Additionally, the stock’s current Price-to-Earnings (P/E) ratio stands at an elevated 268.23, which could imply that the stock is highly valued compared to its earnings.
Future Price Predictions
Analysts forecast a median one-year upside potential of 9.80% for Adani Green Energy, aiming for a target price of ₹1998.00. This prediction could offer a potential bullish outlook for investors considering long-term positions in the stock.
Shareholding Structure
The company’s shareholding structure reflects a 57.52% promoter holding, 1.36% mutual fund (MF) holding, and 16.91% foreign institutional investor (FII) holding as per filings from the June quarter. It is noteworthy that FII holding decreased from 18.15% in March to 16.91% in June, potentially indicating cautious sentiment among foreign investors.
Market Comparisons
On the trading floor, Adani Green Energy shares have experienced a decline of 3.43% today, now priced at ₹1819.7. In comparison, its peers have shown mixed performances; while Power Grid Corporation of India, Adani Power, and Tata Power are also facing declines, NTPC (National Thermal Power Corporation) is witnessing gains. Overall, the benchmark indices, Nifty and Sensex, are down by 1.09% and 1.15%, respectively, indicating a challenging market environment for energy stocks.
