Shares of Adani Power Ltd climbed to a record high, rallying for the fourth consecutive session today. The stock rose 4% to a record high of Rs 611.75 in early deals on BSE. Market cap of the firm climbed to Rs 2.34 lakh crore. The Adani Group stock is trading higher than the 10 day, 20 day, 30 day, 50 day, 100 day, 150 day and 200 day moving averages signaling the stock is trading in bullish zone. With today’s rally, Adani Power stock has risen 230% from its 52-week low of Rs 185.10 on April 19, 2023.
A total of 4.07 lakh shares of the firm changed hands amounting to a high turnover of Rs 24.59 crore on BSE. Adani Power stock has risen 67% in six months and gained 222% in a year. The Adani Group stock has a beta of 0.8, indicating very low volatility in a year.
Abhijeet from Tips2trades said, "Adani Power stock price looks bullish but also overbought on the Daily charts with next resistance at Rs 635. Investors should keep booking profits as a daily close below support of Rs 588 could lead to target of Rs 525 in the near term."
Osho Krishan, Senior Research Analyst - Technical & Derivatives at Angel One said, "The stock has seen a strong resurgence recently, letting the counter inch toward its lifetime highs. It seems poised to enter uncharted territory and continue its northward journey. For now, Rs 560 is likely to provide a cushion for any blips, while on the higher end, an authoritative surge beyond Rs 600 could strongly thrust the bullish momentum in the comparable period."
Shiju Koothupalakkal, Technical Research Analyst at Prabhudas Lilladher expects the stock to reach a target of Rs 625 and Rs 670 levels in the short term.
"The stock has witnessed rangebound trade since the last four months. It has picked pace in the last four sessions. A decisive breach above Rs 590 will be very important to indicate a breakout and expect for fresh upward move for targets of Rs 625 and 670 levels, " said Koothupalakkal.
Bourses BSE and NSE have placed Adani Power shares under the long-term ASM (Additional Surveillance Measure) framework. Exchanges place stocks in short-term or long-term ASM frameworks to caution investors about high volatility in share prices.