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Multibagger stocks: Shares of Adani Total Gas has climbed to a new life-time high of ₹2990.10 apiece levels on NSE today. Adani Total Gas share price today opened upside and went on to hit intraday high, which turned out its new high. However, it would be interesting that Adani stock has climbed to its new high on three out of four sessions this week. The Adani group stock hit life-time highs on Monday, Wednesday and Thursday sessions.
According to stock market experts, Adani Total Gas share price is in uptrend on chart pattern but from fundamental perspective, it is trading at a very high valuations. So, Adani Total Gas shareholders should either exit at such a higher levels or maintain strict trailing stop loss and hold the counter for next near term target of ₹3100 apiece levels.
Sharing pivot levels in regard to this Adani group stock, Anuj Gupta, Vice President — Research at IIFL Securities said, "The Adani group stock looks in uptrend on charts. The stock may go up to ₹3100 in near term and it has strong support at ₹2750 per share levels. One can hold the stock for ₹3100 levels maintaining stop loss at ₹2750 apiece levels." However, he advised positional investors to avoid taking fresh position at current levels as the stock has already surged to record high.
On what is moving Adani Total Gas share price, Saurabh Jain, Vice President — Research at SMC Global Securities said, "The Adani group stock is moving on short term sentiments only. From fundamental perspective, the stock is quoting at a very high valuations and if someone is holding this stock at current levels, then my advice to such Adani Total Gas shareholders is to book profit and exit at such higher levels."
Adani Total Gas share price history
Adani Total Gas shares are one of the multibagger stocks that Indian stock market has produced in recent years. This Adani group stock has surged from ₹930 to ₹2990 apiece levels in last one year, delivering around 220 per cent return to its shareholders in this period. However, in last one and half years, this multibagger stock has surged from around ₹360 to ₹2990 levels,, logging around 720 per cent rise in these one and half years.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.