Adani Power shares soar 17% in two straight sessions; is more upside left?

Adani Power Ltd shares rose sharply on Tuesday to scale their one-year high level. The stock surged 16.98 per cent to hit a 52-week high of Rs 464.30 against its previous close of Rs 396.90. It eventually settled 12.32 per cent higher at Rs 445.80. At this closing price, the counter has gained 16.81 per cent in two consecutive sessions.

All listed Adani Group stocks rose sharply today along with heavy trading volumes. The sharp rise came after the Supreme Court reserved its order in the Adani-Hinderburg case after hearing multiple pleas in the matter.

A bench led by the Chief Justice of India DY Chandrachud said that the top court cannot doubt Sebi's probe into the case by just relying on media reports.

On the technical front, support on the counter could be seen at Rs 420, followed by Rs 408 level. On the higher side, an analyst suggested that Adani Power may see Rs 500 level in the near term.

AR Ramachandran from Tips2trades said, "Adani Power looks bullish on daily charts with next resistance now at Rs 470. Investors should book profits at current levels as a daily close below support of Rs 408 could lead to a target of Rs 347 in the near term."

DRS Finvest founder Ravi Singh said the stock may see resistance around Rs 470-480 levels. Keep stop loss placed at Rs 420, he mentioned.

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."

On BSE, 46.51 lakh shares changed hands today. The figure was way more than the two-week average volume of 5.05 lakh shares. Turnover on the counter came at Rs 205 crore, commanding a market capitalisation (m-cap) of Rs 1,71,942.34 crore.

(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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