Shares in Adani Power Ltd saw robust up momentum for the second straight day on Wednesday, surging 6 percent to an intra-day high of ₹571.50. That is a spiky rise, a 26.96 percent gain within two trading sessions. The catchphrase Adani Power stock zooms capture all the buzz this time around its movement.
During this accelerated rise, the company’s following unusual price movements both on BSE and NSE approached the firm for clarifications. Adani Power clarified, “The movement in the share volume of any company is purely due to market conditions and absolutely market-driven. The management neither has any control nor knowledge of the reasons for the increase in the equity shares’ volume.
On Wednesday, the stock witnessed high trading activity with a turnover of 27.46 lakh shares traded on BSE compared to a two-week average of 8.73 lakh shares. The company’s market capitalization touched ₹2,12,633.04 crore in terms of its daily turnover ₹150.91 crore.
Technical Analysis and Analyst Recommendations on Adani Power Shares
From a technical standpoint, Adani Power stock does support at the range of ₹530-₹514 while immediate resistance could be seen at ₹600. Analysts do feel bullish about the stock.
Raghvendra Singh said the stock could reach ₹650 in the near term. Ravi Singh, Senior Vice-President at Religare Broking, advised to put a stop loss at ₹530 and target ₹600. Kushal Gandhi, Technical Analyst at StoxBox, expected a target price of ₹621 with a stop loss of ₹514.
The stock is currently trading above its 5-, 10-, 20-, 30-, and 50-day moving averages but below the longer-term averages of 100-, 150-, and 200-day. The 14-day Relative Strength Index (RSI) is at 57.75, with further scope for momentum.
As of December 2024, promoters held a 74.96% stake in Adani Power. The price-to-earnings ratio of the stock is 24.09, while the price-to-book value is 5.21, and the return on equity is 21.63%.