Adani Power stock was trading marginally higher in Thursday’s trade amid the broader market trading in the green. However, shares of Adani Power had fallen in the last nine sessions. In comparison, the 30-stock Sensex rose 2% during the period. At 12:03 pm today, Adani Power stock was trading 0.60% higher at Rs 327.95 on BSE.
Earlier, the stock opened flat at Rs 326.25 against the previous close of Rs 326 on BSE. Market cap of Adani Power stood at Rs 1.26 lakh crore. The Adani Group stock was trading higher than the 200 day moving averages but lower than 5 day, 20 day, 50 day and 100 day moving averages. The large cap stock has zoomed 229% this year and rallied 209.67% in the last one year.
Total 0.92 lakh shares of the firm changed hands amounting to a turnover of Rs 3.01 crore. The stock hit a record high and a 52-week high of Rs 432.80 on August 22, 2022 and a 52-week low of Rs 93.60 on November 29, 2021.
The Adani Power stock is trading 24.22 per cent lower compared to its all-time high.
Abhijeet from Tips2trade said, "After having an excellent 2022 where majority of the Adani Group stocks have given stellar returns, these stocks including Adani Power are seeing a decent price correction thus far. Rs 315 remains a strong support on the daily charts and investors should wait for these levels to start accumulating for targets of Rs 378-400 in the near term."
Tirthankar Das, Technical & Derivative Analyst, Retail, Ashika Stock Broking said, "In comparison to other mid-cap counters, stock prices seem resilient though prices has corrected closer to 23.6% retracement of the entire rally since March 20 (currently at Rs 335). Hence, short-term trend might change to positive if it is able to sustain above it, else further downside towards next support level of Rs 275 (38.2% retracement) might be seen. On the oscillator front too, no signs of bottoming out can be seen yet. Hence, it is advisable to wait for further price correction towards Rs 275-290. Pullback from then on can mount higher towards Rs 350-375 in the near term."
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