Adani Power shares snap two-session losing streak; here’s what technical charts suggest
Adani Power share price today: Adani Power shares gained 5.42% intraday to Rs 454.70 on BSE today. Market cap of the firm rose to Rs 1.73 lakh crore.
- Dec 1, 2023,
- Updated Dec 1, 2023 1:57 PM IST
Shares of Adani Power Ltd snapped two-day losing streak in Friday’s session. The Adani Group stock gained 5.42% intraday to Rs 454.70 on BSE today. Market cap of the firm rose to Rs 1.73 lakh crore. The firm saw 4.81 lakh shares changing hands amounting to a high turnover of Rs 21.43 crore on BSE. Despite today’s up move, the Adani Group stock is still down 3.56% from the 52 week high of Rs 470.90 reached on November 29 this year.
Market cap of the firm rose to Rs 1.72 lakh crore. The firm saw 6.01 lakh shares changing hands amounting to a high turnover of Rs 26.78 crore on BSE. The Adani Group stock has a beta of 0.1, indicating very low volatility in a year.
In terms of technicals, the relative strength index (RSI) of Adani Power stands at 67.3, signaling it's trading neither in the overbought nor in the oversold zone. Adani Power shares are trading higher than the 5 day, 20 day, 30 day, 50 day, 100 day and 200 day moving averages.
Adani Power shares fell to a 52-week low of Rs 132.55 on February 28, 2023.
Commenting on the outlook of Adani Power, Jigar S Patel, Senior Manager - Technical Research Analyst at Anand Rathi Shares and Stock Brokers said, "We may see a target price of Rs 500 within the next 2–3 weeks. If already holding, then book profit in the zone of Rs 440–450."
Market expert Ravi Singh said, "Adani Power share price is looking weak on daily and weekly chart patterns. The 14-day RSI and long term MAs are suggesting more sell off in the near term. We may see some recovery in the counter at lower levels. The stock is likely to touch the levels of Rs 410 in coming trading sessions."
Abhijeet from Tips2trades said, "Adani Power looks bearish on the daily charts with strong resistance now at Rs 470. Investors should book profits at current levels as a daily close below the support of Rs 408 could lead to a target of Rs 347 in the near term."
Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.
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Shares of Adani Power Ltd snapped two-day losing streak in Friday’s session. The Adani Group stock gained 5.42% intraday to Rs 454.70 on BSE today. Market cap of the firm rose to Rs 1.73 lakh crore. The firm saw 4.81 lakh shares changing hands amounting to a high turnover of Rs 21.43 crore on BSE. Despite today’s up move, the Adani Group stock is still down 3.56% from the 52 week high of Rs 470.90 reached on November 29 this year.
Market cap of the firm rose to Rs 1.72 lakh crore. The firm saw 6.01 lakh shares changing hands amounting to a high turnover of Rs 26.78 crore on BSE. The Adani Group stock has a beta of 0.1, indicating very low volatility in a year.
In terms of technicals, the relative strength index (RSI) of Adani Power stands at 67.3, signaling it's trading neither in the overbought nor in the oversold zone. Adani Power shares are trading higher than the 5 day, 20 day, 30 day, 50 day, 100 day and 200 day moving averages.
Adani Power shares fell to a 52-week low of Rs 132.55 on February 28, 2023.
Commenting on the outlook of Adani Power, Jigar S Patel, Senior Manager - Technical Research Analyst at Anand Rathi Shares and Stock Brokers said, "We may see a target price of Rs 500 within the next 2–3 weeks. If already holding, then book profit in the zone of Rs 440–450."
Market expert Ravi Singh said, "Adani Power share price is looking weak on daily and weekly chart patterns. The 14-day RSI and long term MAs are suggesting more sell off in the near term. We may see some recovery in the counter at lower levels. The stock is likely to touch the levels of Rs 410 in coming trading sessions."
Abhijeet from Tips2trades said, "Adani Power looks bearish on the daily charts with strong resistance now at Rs 470. Investors should book profits at current levels as a daily close below the support of Rs 408 could lead to a target of Rs 347 in the near term."
Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.
Also read: Hot stocks on December 1: Adani Power, Delta Corp, Reliance Industries, Tata Power and more
Also read: Top 10 stocks to watch on December 1, 2023: HAL, LTI Mindtree, Wipro, KIOCL, Thomas Cook and more
Also read: Tata Power shares hit 52-week high; what should investors do?