Reliance Power shares: Shares of Reliance Power Ltd surged to their 10 percent upper price band of Rs 28.67 in Tuesday’s trading session. Nevertheless, the stock has pulled back by 16.54% from its 52-week high of Rs 34.35, which was reached earlier this year on April 5th.
The stock witnessed heavy trading volume on the BSE today, with approximately 1.76 crore shares changing hands, significantly surpassing the two-week average volume of 54.40 lakh shares. With a turnover of Rs 49.70 crore, the counter’s market capitalization (m-cap) was Rs 11,476.49 crore.
From a technical standpoint, support for the stock could be observed in the Rs 27-25 zone. A clear breach above the Rs 29-30 range is needed for sustained upward movement.
Osho Krishan, Senior Research Analyst – Technical & Derivatives at Angel One, commented, “RPower has shown significant momentum over the past few trading months, fluctuating within a broad range of 20-32 sub-zone. Resistance is expected around the Rs 29-30 range, followed by levels of 32-34 in the short term. On the downside, support is likely around Rs 26-25, with strong support seen around the 24 sub-zone.
Senior Manager-Technical Research Analyst Jigar S. Patel of Anand Rathi Shares and Stock Brokers stated that resistance is expected at Rs. 28.70 and support is expected at Rs. 26.70. A definitive close above Rs 28.70 could lead to further upward movement towards Rs 30. The anticipated trading range for the month is expected to be between Rs 25 and Rs 32.
The stock was trading above its 5-day, 10-day, 20-day, 30-day, 50-day, 100-day, 150-day, and 200-day simple moving averages (SMAs). The 14-day relative strength index (RSI) stood at 63.82. Overbought situations are indicated by an RSI above 70, while oversold conditions are indicated by one below 30.
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The price-to-book (P/B) ratio for Reliance Power’s shares is 1.11, while its price-to-equity (P/E) ratio is 213.89. The return on equity was 0.52 and the earnings per share (EPS) was 0.12.
Formerly known as Reliance Energy Generation Ltd, Reliance Power is a part of the Reliance Anil Dhirubhai Ambani Group. As of March 2024, promoters held a 23.24 % stake in the company.
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