Adani Green Energy Ltd Technical Momentum Shifts Amid Mixed Market Signals

Technical Trend Overview and Price Movement

Currently trading at ₹968.00, marginally above its previous close of ₹967.60, Adani Green’s price action remains well below its 52-week high of ₹1,179.20, yet comfortably above the 52-week low of ₹758.00. The intraday range on 9 Feb 2026 spanned from ₹954.25 to ₹974.60, indicating moderate volatility. The technical trend has shifted from bearish to mildly bearish, signalling a tentative stabilisation but with lingering downside risks.

MACD and Momentum Indicators

The Moving Average Convergence Divergence (MACD) presents a mixed picture. On the weekly chart, the MACD remains bearish, suggesting that downward momentum has not fully abated. However, the monthly MACD has improved to a mildly bullish stance, hinting at potential longer-term recovery. This divergence between weekly and monthly MACD readings underscores the stock’s current consolidation phase, where short-term selling pressure is counterbalanced by emerging longer-term buying interest.

RSI and Overbought/Oversold Conditions

The Relative Strength Index (RSI) on both weekly and monthly timeframes currently shows no definitive signal, hovering near neutral levels. This absence of extreme overbought or oversold conditions suggests that the stock is neither strongly overextended nor deeply undervalued technically, reinforcing the notion of a sideways or range-bound price action in the near term.

Bollinger Bands and Volatility Assessment

Bollinger Bands on weekly and monthly charts are mildly bearish, indicating that price volatility remains somewhat elevated with a slight downward bias. The bands have not contracted significantly, implying that the stock has not entered a low-volatility consolidation phase but is instead experiencing moderate price fluctuations within a bearish envelope.

Moving Averages and Daily Technicals

Daily moving averages continue to signal bearish momentum, with the stock price trading below key short-term averages such as the 20-day and 50-day moving averages. This alignment suggests that immediate price action remains under pressure, and any upward moves may face resistance near these averages. Investors should watch for a potential crossover or sustained break above these levels to confirm a shift towards bullish momentum.

KST and Dow Theory Signals

The Know Sure Thing (KST) indicator aligns with the MACD’s mixed signals: weekly KST remains bearish, while monthly KST has improved to mildly bullish. Dow Theory assessments echo this sentiment, with weekly readings mildly bearish and monthly readings showing no clear trend. This combination points to a market in flux, where short-term technical weakness coexists with tentative longer-term strength.

On-Balance Volume and Market Sentiment

On-Balance Volume (OBV) readings on both weekly and monthly charts are mildly bullish, indicating that volume trends are supporting price stability or modest accumulation. This volume behaviour suggests that despite technical caution, some investors are positioning for a potential rebound, providing a subtle underpinning to the stock’s price.

Comparative Returns and Market Context

Adani Green’s recent returns present a mixed performance relative to the broader Sensex benchmark. Over the past week, the stock surged 13.64%, significantly outperforming the Sensex’s 1.59% gain, reflecting short-term bullish momentum. However, over the last month and year-to-date periods, the stock has declined by 4.97% and 4.61% respectively, underperforming the Sensex’s corresponding losses of 1.74% and 1.92%. Over a one-year horizon, Adani Green’s return stands at -2.9%, contrasting with the Sensex’s robust 7.07% gain.

Longer-term returns further highlight challenges; the stock has delivered a 9.06% gain over three years, lagging the Sensex’s 38.13% advance, and a negative 10.04% over five years against the Sensex’s 64.75% growth. The absence of a 10-year return figure for Adani Green underscores its relatively recent listing or data availability constraints. These figures illustrate the stock’s struggle to keep pace with broader market indices despite intermittent rallies.

Market Capitalisation and Mojo Ratings

Adani Green holds a Market Cap Grade of 1, indicating a relatively modest market capitalisation within its sector. The company’s Mojo Score currently stands at 13.0, with a Mojo Grade of Strong Sell as of 5 Jan 2026, an upgrade from the previous Sell rating. This downgrade reflects deteriorating technical and fundamental conditions, signalling caution for investors. The Strong Sell grade is consistent with the bearish daily moving averages and weekly technical indicators, despite some mildly bullish monthly signals.

Sectoral and Industry Positioning

Operating within the power industry and sector, Adani Green faces sector-specific headwinds including regulatory uncertainties, fluctuating energy demand, and competitive pressures from alternative energy sources. These factors contribute to the stock’s technical volatility and mixed momentum signals. Investors should consider these sectoral dynamics alongside technical indicators when evaluating the stock’s prospects.

Investor Takeaways and Outlook

Adani Green Energy Ltd’s technical landscape is characterised by a cautious transition from bearish to mildly bearish momentum, with mixed signals across key indicators such as MACD, RSI, Bollinger Bands, and moving averages. The weekly bearishness contrasts with mildly bullish monthly signals, suggesting that while short-term risks persist, longer-term recovery potential exists if positive momentum consolidates.

Investors should closely monitor daily moving averages for signs of a sustained breakout above resistance levels, which could validate a shift towards bullish momentum. Conversely, failure to hold above current support levels near ₹950 could trigger renewed selling pressure. The stock’s underperformance relative to the Sensex over medium and long-term horizons warrants careful risk management.

Given the Strong Sell Mojo Grade and modest market capitalisation, a conservative approach is advisable. However, the mildly bullish volume trends and monthly indicators offer a glimmer of hope for patient investors willing to watch for confirmation of trend reversals.

Conclusion

Adani Green Energy Ltd remains at a technical crossroads, with its price momentum reflecting a delicate balance between bearish pressures and emerging bullish undertones. The stock’s performance relative to the broader market and sector fundamentals suggests that investors should maintain vigilance and consider both technical and fundamental factors before committing fresh capital. The evolving technical signals warrant ongoing analysis to identify a clear directional bias in the coming weeks.

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