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

Formation of "Higher High, Higher low" in Adani Green may indicate further upside towards Rs 190 levels in the coming year

Adani Group stocks remained in focus in the year 2019, with most of them outperforming the benchmark index Nifty. Adani Green alone surged over 261 per cent during the year. Among other stocks, Adani Transmission Limited gained 66.38 per cent, while Adani Gas was up 54.46 per cent, Adani Enterprises climbed 29.88 cent, and Adani Power 18.25 per cent. In comparison, the Nifty has risen 12.73 per cent during the year. Only, Adani Ports and Special Economic Zone, which slumped 6.19 per cent in 2019, underperformed the Nifty.

Here's what technical charts indicate for Adani Group stocks:

Adani Green Energy Ltd (ADANIGREEN): This year alone, this counter has jumped over 400 per cent from near the year-low levels with major gains seen in the month of October 2019. The stock is forming “Higher High, Higher low”, and as per the Elliot Wave theory, one can assume further upside towards Rs 190 levels in the coming year. The immediate support comes at Rs 140 as per the daily chart. Only a breakdown below Rs 120 may trigger selling pressure.  CLICK HERE FOR THE CHART

Adani Ports and Special Economic Zone Ltd (ADANIPORTS): Although the counter is trading below its 200-day moving average (DMA), placed at Rs 385.30 on the daily chart, it has not shown any decisive breakdown on the weekly scale.  The 200-weekly moving average (WMA) trades at Rs 345. It did break 200 WMA in the month of October last year and February this year, but did not witness a major breakdown. As it trades in this tight range of Rs 385 – Rs 345, a major rally is expected once the counter breaches this range towards Rs 450 levels.CLICK HERE FOR THE CHART
 
Adani Power Ltd (ADANIPOWER): The consolidation in the range of Rs 64 – Rs 59 should determine the next leg of a rally. The 200 DMA on the downside, at Rs 56 remains an immediate support. On the higher side, a close above Rs 63 may illustrate the strengthening of the upward trend. The Moving Average Convergence Divergence (MACD) has a positive crossover rising towards the signal line, a sign of a positive outlook. CLICK HERE FOR THE CHART
 
Adani Transmission Ltd (ADANITRANS): This counter is witnessing selling pressure above Rs 345 as per daily chart. Once that is conquered, the rally may see Rs 375 as the next resistance level. On the other hand, Rs 305 – Rs 310 remains a range where buying was seen lately. CLICK HERE FOR THE CHART
 
Adani Gas Ltd (ADANIGAS): After the gap–up close on October 14, 2019, this counter has not presented much of an upside interest. The immediate support comes at Rs 149 which is its 50-DMA. MACD trades above the signal line with a positive crossover. CLICK HERE FOR THE CHART
 
Adani Enterprises Ltd (ADANIENT): The positive bias in this counter should prevail till the time it trades above 50 DMA placed at Rs 203. Indeed, a rally towards a breakout level of Rs 221 may trigger strong buying momentum. As of now, a no-trade zone may be seen on the daily chart. CLICK HERE FOR THE CHART