On October 29, 2024, the share price of Adani Green Energy experienced a drop of -0.61%, following a broader trend in the market as both the Nifty and Sensex indices also recorded declines. As one of the prominent players in India’s renewable energy sector, the movement in Adani Green Energy’s shares offers insight into investor sentiment and market dynamics.
| Adani Green Energy Share Price Details | Technical Analysis | Volume Traded | Fundamental Analysis | Holding Patterns | Market Comparison | Conclusion |
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Adani Green Energy Share Price Details
The share price of Adani Green Energy closed at ₹1603 on October 29, 2024, after opening at ₹1613.15. The stock reached a high of ₹1623.4 during intraday trading and fell to a low of ₹1590. This negative performance reflects a cautious sentiment among investors amid larger market trends.
Technical Analysis
The technical indicators reveal that Adani Green Energy is currently trading below both short-term and long-term moving averages, indicating a significant downtrend. The stock faces key resistance levels at ₹1650.55, ₹1692.7, and ₹1723.7. On the downside, the critical support levels are positioned at ₹1577.4, ₹1546.4, and ₹1504.25, which could serve as potential points for reversal or further decline.
Volume Traded
The trading volume for Adani Green Energy on both the NSE and BSE dropped by 47.30% compared to the previous session. This decline in trading volume is an important indicator as lower volumes can further exacerbate price declines and signify reduced investor interest.
Fundamental Analysis
From a fundamental perspective, Adani Green Energy reports a Return on Equity (ROE) of 12.84% and a Return on Assets (ROA) of 1.25%. The stock has a high Price-to-Earnings (P/E) ratio of 252.16, indicating that investor expectations remain elevated despite current market moves. Additionally, the Price-to-Book (P/B) ratio stands at 24.16, reflecting a premium valuation. The median forecasted upside for the stock over the next year is approximately 22.65%, suggesting potential for recovery in the long term.
Holding Patterns
Examining the holding patterns reveals that the promoter holding stands at 0.00%, while Mutual Fund (MF) holdings account for 1.36%. Foreign Institutional Investor (FII) holdings have notably decreased from 16.91% in June to 15.16% by the September quarter, indicating a retreat by institutional investors.
Market Comparison
On the day of Adani Green Energy’s decline, both benchmark indices, the Nifty and Sensex, also fell by -0.35%. This indicates that the company’s performance is aligned with broader market trends, suggesting that negative sentiment permeates throughout the market, possibly influenced by macroeconomic factors.
Conclusion
In summary, Adani Green Energy’s share price dipped by -0.61% on October 29, 2024, reflecting wider market hesitance as indicated by declines in the Nifty and Sensex. The stock’s performance is marked by critical resistance and support levels, decreasing trading volume, and a significant drop in institutional holdings. Investors should tread cautiously, considering the implications of these trends and the general market outlook.
FAQ
What caused the drop in Adani Green Energy’s share price?
The drop in share price can be attributed to overall market conditions where both Nifty and Sensex recorded declines, reflecting cautious investor sentiment.
What are the technical indicators for Adani Green Energy?
Technically, the stock is trading below both short-term and long-term moving averages, with key resistance and support levels identified.
How is the financial health of Adani Green Energy?
The company has a notable ROE of 12.84% and a median forecasted upside of 22.65%, indicating medium-term potential despite the day’s performance.
