Shares of Adani Power Ltd hit a fresh 52-week high today amid a record run in the broader markets. The Adani Group stock gained 9.43% intraday to a fresh high of Rs 589.30 on BSE today. Market cap of the firm rose to Rs 2.22 lakh crore. The firm saw 18.31 lakh shares changing hands amounting to a high turnover of Rs 104.91 crore on BSE.
Adani Power stock has risen 118.25% in six months and gained 92.52% this year.
Market cap of the firm rose to Rs 2.21 lakh crore. The Adani Group stock has a beta of 0.4, indicating very low volatility in a year. Adani Power stock has gained 36.63% in the last four sessions.
Abhijeet from Tips2trades said, "Adani Power looks bullish & extremely overbought on the Daily charts with next resistance now at Rs 623. Investors should book profits at current levels as a Daily close below the support of Rs 530 could lead to a target of Rs 416 in the near term."
Also read: Adani Power shares surge 12% to hit one-year high; can stock break above Rs 500?
The BJP winning three state polls recently has added to the gains of the Adani Group stocks. The poll victory fuelled hopes that BJP would retain power in the General election to be held in 2024. The big up move after the poll results which started on Monday continued on Tuesday after the Bloomberg reported US agency concluded accusations against the Gautam Adani-led conglomerate weren’t relevant.
According to the report by Bloomberg, a senior US official stated that the US government deemed Hindenburg Research's accusations of corporate fraud against Indian billionaire Gautam Adani irrelevant. The decision was made before approving an extension of up to $553 million for his conglomerate's container terminal project in Sri Lanka.
In terms of technicals, the relative strength index (RSI) of Adani Power stands at 83.7, signaling it's trading in the overbought zone. Adani Power shares are trading higher than the 5 day, 20 day, 30 day, 50 day, 100 day and 200 day moving averages.
Adani Power shares fell to a 52-week low of Rs 1017.10 on February 3, 2023.
Also read: Market extends record run for third session: Sensex jumps over 300 points; Nifty tops 20,950