Adani Power shares: During early trading today, shares of Adani Power surged to a new all-time high, buoyed by a rally in the benchmark indices. The stock of the Adani Group saw a notable 3.21% increase, reaching Rs 647.80 compared to the previous day’s close of Rs 627.65 on the BSE. This propelled the firm’s market capitalization to During this session, Rs 2.45 lakh crore. Trading activity was robust, with 2.46 lakh shares changing hands, resulting in a substantial turnover of Rs 16.01 crore on the BSE. Over the past six months, Adani Power has witnessed a significant 63.44% rise in its stock price and an impressive 171% increase over the year. Notably, the Adani Group stock boasts a low beta of 0.7, indicating minimal volatility over a year.
The relative strength index (RSI) of Adani Power, standing at 61.4, indicates that the Adani Group’s stock is currently neither in the overbought nor the oversold zone.
Furthermore, the stock of the Adani Group is trading above its 10-day, 20-day, 30-day, 50-day, 100-day, 150-day, and 200-day moving averages, suggesting a bullish trend in its trading pattern.
Mileen Vasudeo, Senior Technical Analyst at Arihant Capital Markets, has recommended a buy call for the Adani Group stock, setting a price target range of Rs 641-661. Additionally, she advises setting a stop loss at Rs 580.
Vasudeo remarked, “We’ve noticed that Adani Power’s prices have found support around the 50-day SMA at Rs 575, accompanied by the formation of a bullish candlestick pattern and increasing volume on the daily charts. Moreover, the momentum indicator RSI shows a positive trend, and the stock is surpassing benchmark indices. Considering these factors collectively, it suggests that the upward momentum may persist. Thus, it’s advisable to ‘buy’ the stock at its current levels, setting a stop loss at Rs 580, with target levels of Rs 641 and Rs 661 within a couple of weeks.”
Gaurav Bissa, VP at InCred Equities, anticipates that if Adani Power surpasses the Rs 648 mark on the daily charts, it could potentially aim for Rs 700.
Adani Power has maintained a robust multiyear upward trend, consistently forming higher highs and higher lows on the weekly charts. Additionally, it displays a continuation pattern characterized by short periods of consolidation followed by breakout phases resulting in swift declines. While it has recently achieved a new all-time high, it’s yet to experience a breakout from its consolidation phase. Closing above Rs 648 on the daily charts could signal a breakout from this pattern, potentially propelling the stock towards Rs 700. Currently, the RSI stands near 64, and a sustained move above 70 could accelerate the price momentum. Furthermore, a bullish MACD crossover on the daily charts is expected to bolster the existing momentum,” explained Bissa.
Ravi Singh, Senior Vice-President of Retail Research at Religare Broking, noted the stock’s strength on daily charts and suggested considering buying it with an upside target of Rs 650, recommending a stop loss at Rs 570.
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Osho Krishan, Senior Research Analyst specializing in Technical & Derivatives at Angel One, expressed optimism regarding the stock’s prospects. “In the past few trading sessions, the stock has shown signs of gaining traction, bringing it closer to its all-time highs. It appears poised to venture into uncharted territory, continuing its upward trajectory once it surpasses the Rs 640 mark. Currently, support is expected around Rs 580-570, while a substantial breakthrough beyond previous highs could significantly reinforce bullish momentum within a comparable timeframe,” Krishan stated.
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