Adani Power shares fall for fifth day, 'buy on dips' after 1:10 stock split?

Shares of Adani Power are down for the fifth straight session amid a rally in the broader market today. The power sector stock slipped to a low of Rs 145.50 in early deals today. Market cap of the firm fell to Rs 2.80 lakh crore. A total of 30.06 lakh shares of the Adani Group firm changed hands amounting to a turnover of Rs 44.26 crore on BSE.

The power sector stock hit a record high of Rs 182.75 on September 23, 2025, a day after the stock traded ex split in a ratio of 1:10.  In terms of technicals, the Adani Group stock is trading neither in the oversold nor in the overbought zone, signals the relative strength index (RSI) of Adani Power, which stands at 59.2.

Adani Power stock is trading higher than the 5 day, 10 day, 20 day, 30 day, 50 day, 100 day, 150 day and 200 day moving averages. 

Analysts have mixed views on the outlook of the Adani Group counter. 

Amruta Shinde, Research Analyst, Choice Broking said, "From a technical perspective, the daily RSI at 59.37 is trending lower, indicating a moderation in momentum and the likelihood of consolidation in the near term. However, the broader structure remains constructive. The stock has formed a rounding bottom pattern and continues to trade comfortably above its 20, 50, 100, and 200-day EMAs, underscoring strong momentum across short-, medium- and long-term timeframes.
On the downside, immediate support is seen at Rs 145, with further cushion placed around Rs 140–136. On the upside, a decisive move above Rs 155 will be crucial for the next leg of rally. A sustained breakout above this level could open the gates for a move toward the Rs 163–170 zone in the near term.

While intermittent profit-booking cannot be ruled out, the technical outlook for Adani Power remains favorable, aided by strong momentum and structural tailwinds following the recent stock split. Increased retail participation and a breakout above the Rs 170 mark could drive the next phase of upside."

Gaurav Bisssa from Incred Equities said, "Adani Power has been in a strong uptrend since 2019. It has been trading in a 5-year ascending channel pattern and witnessed a fresh consolidation pattern breakout above 130 levels which pushed the stock towards Rs 170 level. However, the last few days have resulted in a strong pressure on the prices, which have corrected 20 percent from the life high levels. The outlook for Adani Power remains positive for the long term with prices comfortably trading above ichimoku cloud on the weekly charts placed around Rs 133 levels. Adani Power is expected to attempt a fresh life high if it sustains above the cloud support."

Kunal Kamble, Sr. Technical Research Analyst at Bonanza Portfolio said, "Adani Power faced rejection from its resistance zone of Rs 180–182, leading to a sharp correction towards its 9EMA. A slip below the 9EMA could open the door for a further decline towards the 50EMA placed at Rs 127.35. On the upside, dominance of selling pressure is likely to reduce if the stock sustains above Rs 161. Despite the near-term correction, the broader trend remains positive. A retracement towards the 50EMA around Rs 127.35 should be viewed as an opportunity to accumulate for long positions, with a stop loss at Rs 114. The recent volume activity highlights that buyers are actively accumulating on dips, which supports the view of continued strength in the larger trend"

Osho Krishan from Angel Broking appears bullish on the outlook of the stock.

"Adani Power has witnessed a surge in price and volume in recent times, propelling it into overbought territory. Though in the last couple of sessions, the counter has seen some cooling off, paring most of its gains. The technical structure represents a robust development with support seen around Rs 140, followed by sacrosanct support of the bullish gap around Rs 133. On the other hand, Rs 158-160 presents a sturdy hurdle, and a weekly closure could pave the way for the next leg of the rally in the coming future."

Shitij Gandhi, Sr. Research Analyst (Technicals), SMC Global Securities said, "Currently, the stock is hovering above its immediate support zone of Rs 140–Rs 145, where buyers have stepped in during dips. A sustained hold above this range could set the stage for another attempt at the upper resistance band of Rs 163–Rs 165, which will act as an immediate resistance for the stock. A breakout above this level, especially with strong volumes, may open the door for targets towards Rs 190– Rs 200 in the near term. While the near term may see continued volatility, Adani Power’s technical structure remains constructive as long as it holds above Rs 140. There could be turbulence ahead while investors can consider accumulating on declines given the strong medium-term trend."