Adani Power shares fall for second session, down 11% from 52-week high

Shares of Adani Power Ltd fell for the second straight session, bringing losses from their 52-week high to over 11% today. The Adani Power stock hit a 52-week high of Rs 470.90 on November 29. The Adani Group stock slipped 3.79% intraday to Rs 417.10 on BSE today. With this correction, the stock is down 11.42% from its yearly high in the current session. Market cap of the firm fell to Rs 1.62 lakh crore. The firm saw 10.05 lakh shares changing hands amounting to a high turnover of Rs 42.55 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 68.1, 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.    

Adani Power shares have delivered multibagger returns of 324% and 995% in two and three years, respectively.  

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: Servotech Power shares hit upper circuit; board revises preferential issue price & size