Adani Green shares: Will 2 month consolidation end? Here's target price

Adani Green Energy Ltd: Analysts See Renewed Strength and Accumulation

Adani Green Energy Ltd's shares have been oscillating within a broad consolidation band between Rs 998 and Rs 1,172 over the past two months, with Systematix Shares and Stocks (India) noting that this range-bound phase reflected a period of equilibrium with long-term support remaining intact.

Key Triggers for the Stock's Renewed Strength

• A bullish breakout of a Symmetrical Triangle around Rs 1,042, following more than nine weeks of consolidation near a defined neckline.
• Supporting price action across timeframes, including a 1.66 per cent higher close on the daily chart and a 1.72 per cent gain on the weekly chart.
• A long lower shadow resembling a bullish Hammer on the weekly candle, indicating aggressive buying from lower levels and consistent defence of support.

Reinforced Demand Cluster and Limited Downside Vulnerability

Systematix pointed out that the bullish candlestick formed near the 20-week simple moving average around Rs 1,020 and immediately above the triangle neckline, creating a reinforced demand cluster. Additionally, the historical unfilled gap between Rs 993 and Rs 1,013 had acted as a strong demand zone with repeated reversals in the past.

Trend Breakout and Strengthening Momentum

A trend breakout was also visible near Rs 1,046 on the daily chart, further confirming strengthening momentum, according to Systematix. The brokerage believes that the stock's current position near the lower end of the consolidation band and the recent price action indicate sustained buying interest and a potential fresh trending move.

• Adani Green Energy Ltd's shares have been consolidating between Rs 998 and Rs 1,172 over the past two months.
• Systematix sees renewed strength and accumulation in the stock, with supporting price action across timeframes.
• The bullish breakout of a Symmetrical Triangle and the formation of a long lower shadow resembling a bullish Hammer indicate sustained buying interest.
• Systematix believes that the stock's current position and recent price action indicate a potential fresh trending move.