Sensex Falls 1,342 Points: Key Trading Levels For Adani Total Gas, Petronet LNG, GSPL

Indian benchmark indices reversed early gains and closed sharply lower on Wednesday amid rising geopolitical concerns and weak global cues that weighed on investor sentiment.

The BSE Sensex dropped 1,342.27 points, or 1.72 per cent, to settle at 76,863.71. The Nifty 50 declined 394.75 points, or 1.63 per cent, to close at 23,866.85.

Market participants are closely tracking several energy related stocks including Petronet LNG, Gujarat State Petronet and Adani Total Gas ahead of Thursday’s trading session.

Laxmikant Shukla, Senior Technical Analyst at YES Securities, shared key technical levels and outlook for the three stocks.

Petronet LNG

Petronet LNG Ltd continues to consolidate within the Rs 300 to Rs 270 range for the last six days. This range bound action is expected to persist until a decisive closure occurs outside this band.

Technical indicators show limited directional momentum. The daily stochastic indicator has shown a bearish crossover, while the daily MACD remains in positive territory.

Analysts said a decisive move above Rs 300 could trigger fresh upward momentum. However, a break below the key support level of Rs 270 may initiate a downtrend.

Gujarat State Petronet

Gujarat State Petronet has seen a sharp rise from Rs 270 to Rs 307 but is now witnessing a pullback as profit booking emerges.

The formation of long shadows on the daily chart indicates a possible phase of correction or consolidation. The key support level for the stock is placed at Rs 270.

A breach of this support could accelerate the decline toward the Rs 260 to Rs 255 range. On the upside, a sustained break above Rs 307 would confirm a bullish reversal.

Adani Total Gas

Adani Total Gas Ltd showed strong relative strength and rallied about 20 per cent to hit the upper circuit at Rs 566.90 despite broader market pressure in the gas sector.

The stock has rebounded from lower levels with momentum indicators supporting the bullish price action.

However, analysts advise caution as the stock is trading near its 100 day simple moving average and the previous swing high of Rs 570 where profit booking may emerge.

A sustained move above Rs 570 could push the stock toward the next resistance zone of Rs 600 to Rs 605, which aligns with the 200 day simple moving average.

On the downside, support is seen near Rs 535 around the 50 day simple moving average, while additional support lies near Rs 515 around the 20 day simple moving average.