Overview of Adani Total Gas Stock Price on 28th November 2024
On the last trading day, Adani Total Gas share price opened at ₹717.6 and closed at ₹792.25. During the trading session, it reached a high of ₹823.3 and a low of ₹712.4. By mid-day on November 28,
the stock was still trading at ₹792.25, showing an impressive 14.12% rise from the previous day’s closing price.
Meanwhile, the broader market indices are showing some mixed signals. The Sensex, for instance, is down by 0.83%, trading at ₹79571.33, while the Nifty index is down by 0.79%. Despite the overall market showing some decline, Adani Total Gas share price continues its upward trajectory,
making it one of the standout performers on the day.
Technical Analysis: What Do the Numbers Say?
If you’re familiar with stock market analysis, you’ll know that understanding a stock’s movement isn’t just about looking at the price. It’s also about the trend and how it stacks up against key moving averages and resistance levels.
Here’s a quick breakdown of Adani Total Gas’ Simple Moving Averages (SMA) for various timeframes:
| Days | Simple Moving Average (SMA) |
|---|---|
| 5 | ₹630.88 |
| 10 | ₹663.42 |
| 20 | ₹692.00 |
| 50 | ₹738.69 |
| 100 | ₹805.43 |
| 300 | ₹883.82 |
Looking at these numbers, it’s clear that Adani Total Gas is currently trading above the 5, 10, 20, and 50-day SMAs, indicating bullish momentum in the short term. However, the stock is still below its 100 and 300-day SMAs, which suggests that it may face resistance in the longer term.
These resistances are crucial to watch for any potential reversal or slowdown in the stock’s upward momentum.
Pivot Analysis: Support and Resistance Levels
The pivot levels of a stock tell us where the price might find support or resistance. According to the classic pivot analysis, here are the key support and resistance levels for Adani Total Gas stock on a daily timeframe:
| Support Levels | Resistance Levels |
|---|---|
| ₹613.47 | ₹736.22 |
| ₹531.63 | ₹777.13 |
| ₹490.72 | ₹858.97 |
As of now, Adani Total Gas is testing some key resistance levels, with ₹736.22 being the immediate barrier. If the stock manages to break above this level, it could continue its bullish trend, potentially reaching ₹777.13 and beyond. On the downside, if the stock fails to hold above the 50-day SMA,
the support levels at ₹613.47 and ₹531.63 could come into play.
Volume Analysis: Key Indicator of Trend Strength
An often-overlooked indicator in stock analysis is trading volume. On November 28, 2024, Adani Total Gas saw an enormous surge in trading volume. The volume traded by 11 AM on the NSE and BSE was 2274.97% higher than the previous trading session, indicating strong investor interest. When a stock rises in price with high volume,
it suggests that the trend could be sustainable.
Conversely, if a stock declines with rising volume, it could signal further weakness. In this case, the positive price movement coupled with increased volume supports the idea that the rise in Adani Total Gas share price could be the beginning of a longer-term uptrend.
Fundamental Analysis: Strong Financials
Looking beyond the technicals, it’s essential to consider the company’s fundamental strength. Adani Total Gas has a return on equity (ROE) of 20.47%, which is quite strong, indicating that the company is effectively generating profit from its shareholders’ equity. The return on assets (ROA) is 10.62%,
which further reinforces the company’s efficient use of its resources.
The company’s current Price-to-Earnings (P/E) ratio stands at 108.63, indicating that the stock might be relatively expensive in terms of earnings. However, high P/E ratios are often seen in growth stocks, and investors may be willing to pay a premium for future growth potential. Additionally,
the price-to-book (P/B) ratio of 19.52 suggests that the stock is trading at a significant premium to its book value.
Promoter and Institutional Holding
One of the key factors to monitor when analyzing stocks is the ownership structure. For Adani Total Gas, the company has a 0.00% promoter holding, meaning that the promoters (founders or major shareholders) are not holding a stake in the company. On the flip side, the company has 0.11% mutual fund (MF) holding, which is relatively low. However, Foreign Institutional Investors (FII) have shown interest, with a 13.07% FII holding as per the latest filings in the September quarter. This represents a slight increase from 12.96% in June, indicating growing confidence among institutional investors.
Peer Comparison: How Is Adani Total Gas Performing Among Its Competitors?
When comparing Adani Total Gas share price to its peers, we see a mixed picture. Companies like Indraprastha Gas are facing a decline in share prices, while GAIL India, Gujarat Gas Company, and Gujarat State Petronet are experiencing gains. This suggests that while the broader sector may be experiencing some volatility, Adani Total Gas is outperforming many of its competitors.
Market Sentiment: What Does This All Mean for Investors?
So, what does all of this mean for investors looking at Adani Total Gas share price today? From a technical standpoint, the stock is showing strong momentum, trading above key SMAs and testing resistance levels.
The surge in volume further supports the idea that this could be a sustainable upward movement.
Fundamentally, the company is in solid shape with strong ROE and ROA figures, though the stock is on the expensive side with a high P/E ratio. The slight increase in FII holding suggests that institutional investors are optimistic about the stock’s future potential.
In terms of broader market sentiment, the Nifty and Sensex are both showing declines, but Adani Total Gas seems to be bucking the trend and attracting investor attention. If the stock continues to break through its resistance levels, it could continue its upward trajectory. However,
investors should watch out for any signs of resistance or reversal, especially if the broader market sentiment remains weak.
Conclusion
In conclusion, Adani Total Gas share price on 28th November 2024 has shown an impressive performance, up by 14.12%. The stock’s technical indicators are positive, with the price above key SMAs, and trading volume has surged significantly. Fundamentals also show that the company is performing well,
despite the high valuation.
For investors, this could be an exciting opportunity, but as always, it’s crucial to keep an eye on the market trends and the stock’s resistance levels. If the stock can break through these barriers,
it could have a bright future ahead.
