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Adani Total Gas Stock: Experts views on Why Adani Total Gas Shares Surge 42% in Two Days - Read Now 

Adani Total Gas Stock: Shares of Adani Total Gas soared 42% in two days, hitting a high of Rs 823. Analysts remain bullish, citing strong support and a target of Rs 870. The surge follows positive news on Adani Group's fundamentals and rebuttal of bribery charges.
 
 
Adani Total Gas Stock: Experts views on Why Adani Total Gas Shares Surge 42% in Two Days - Read Now 

Shares of Adani Total Gas Ltd have been on a remarkable rally, soaring 42.02% in just two trading days. The stock rose 18.59% in a single session, reaching a day-high of Rs 823.30 on Thursday. This impressive surge has attracted significant attention from investors and market analysts, as all other listed Adani Group stocks also saw gains during the same period.

The rally in Adani Total Gas shares follows positive sentiment generated by the Adani Group’s rebuttal of bribery allegations. The conglomerate clarified that there were no charges against Gautam Adani or other key executives, easing concerns among investors and fueling the stock’s upward momentum.

Why Is Adani Total Gas Stock Surging?

Several factors are contributing to the strong performance of Adani Total Gas shares. Firstly, analysts remain optimistic about the fundamentals of the Adani Group, despite the allegations made in the US. Deven Choksey, MD of DR Choksey FinServ Private, pointed out that the group's ability to manage its businesses and deliver infrastructure projects remains strong. With an EBITDA of over Rs 85,000 crore and a solid compound annual growth rate (CAGR) of 20%, the market continues to view Adani Group companies as valuable investments.

Furthermore, the surge in Adani Total Gas shares aligns with technical indicators that suggest a "bullish" outlook. Analysts predict strong support at Rs 780, with resistance at Rs 850. A decisive move above Rs 850 could drive the stock towards Rs 900, with some experts predicting a near-term target of Rs 870.

Analysts Remain Bullish on Adani Total Gas Stock

Despite the challenges and market volatility surrounding the Adani Group, analysts continue to express confidence in Adani Total Gas's future performance. Technical analysts like Jigar S Patel from Anand Rathi and AR Ramachandran, a Sebi-registered research analyst, have both suggested that the stock is well-positioned for further gains. Support levels are expected at Rs 780, Rs 744, and Rs 694, while resistance at Rs 850 remains a key level to watch.

On the upside, analysts are targeting a price range between Rs 750 and Rs 900 for the short term, with a potential to breach Rs 921 in the near future if the stock maintains its momentum. According to Kushal Gandhi, a technical analyst at StoxBox, investors should maintain a stop-loss at Rs 744 to minimize risks.

Adani Group's Rebuttal of Bribery Allegations

The recent surge in Adani Total Gas shares follows a statement by the Adani Group, which clarified that Gautam Adani, Sagar Adani, and Vneet Jaain were not charged with any violations of the Foreign Corrupt Practices Act (FCPA) by US authorities. The group’s denial of bribery allegations has had a positive impact on investor sentiment, with analysts suggesting that market participants are seizing this opportunity to buy into Adani stocks at attractive levels.

In a filing to the Bombay Stock Exchange, Adani Green Energy Ltd, a key group entity, refuted the US Department of Justice's allegations of bribery linked to power supply contracts. This clarification is seen as a strong message from the group, reinforcing confidence in its management and business practices.

Technical Outlook for Adani Total Gas

From a technical standpoint, Adani Total Gas's recent performance signals a bullish trend. The stock has been trading above key support levels, with analysts predicting an upward trajectory if it continues to hold above Rs 780. With resistance levels at Rs 850 and a target of Rs 870 in sight, traders and investors are watching the stock closely for potential short-term gains.

Also Read: NTPC Green Energy News Update: What's Driving the Stock's Success? - Read Now

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