Adani Power shares climbed 9% in a month; here's what analysts say

Shares of Adani Power Ltd settled 2.92 per cent higher at Rs 528.60 on Thursday, translating into an uptick of 9.44 per cent in the past one month. The stock saw high trading volume today as around 13.71 lakh shares changed hands on BSE. The figure was higher than the two-week average volume of 4.91 lakh shares. Turnover on the counter came at Rs 72.44 crore, commanding a market capitalisation (m-cap) of Rs 2,03,877.79 crore.

Analysts largely remained divided on the counter as a few said it is trading "within a narrow range" and decisive either-side move can only signal near-term direction. In contrast, some analysts suggested that Adani Power may climb up to Rs 650 in the short term.

Osho Krishan, Senior Analyst – Technical & Derivative Research at Angel One, said, "The stock price is fluctuating between Rs 480 and Rs 550. This trading range suggests a phase of uncertainty, where the price has not shown strong momentum. However, a decisive breakout above or below these levels could signal a significant shift in market sentiment and direction in the near future. Given these conditions, employing a 'buy-on-dip' strategy seems to be a sensible approach for capitalising on potential future gains."

Ameya Ranadive, CMT, CFTe, Senior Technical Analyst at StoxBox, "Adani Power remains in a consolidation phase, trading within a narrow range of Rs 500-530. The stock is currently hovering near the support zone of Rs 510. A decisive breakout above Rs 530 with strong volume could push the stock toward Rs 598-610 levels. Conversely, a breakdown below Rs 500 may invite further downside toward Rs 468. Traders should wait for a clear directional move beyond these levels before taking fresh positions."

Kunal Kamble, Senior Technical Research Analyst at Bonanza Group, said, "A fresh position can be considered in Adani Power with a stop loss placed at Rs 490, targeting an upside move toward Rs 610–650."

Ravi Singh, SVP - Retail Research at Religare Broking, said, "The stock can hit see Rs 550 level in the near term. Keep stop loss placed at Rs 515 for this trade."

The scrip traded higher than the 5-day, 10-, 20-, 30-, 50-day and 100-day simple moving averages (SMAs) but lower than the 150-day and 200-day SMAs. Its 14-day relative strength index (RSI) came at 59.15. A level below 30 is defined as oversold while a value above 70 is considered overbought.

As per BSE, the stock has a price-to-equity (P/E) ratio of 22.08 against a price-to-book (P/B) value of 4.98. Earnings per share (EPS) stood at 23.94 with a return on equity (RoE) of 22.55. According to Trendlyne data, Adani Power has a one-year beta of 1.5, indicating high volatility.

As of December 2024, promoters held a 74.96 per cent stake in the Adani Group company.