Shares of Reliance Power Ltd touched their 10 per cent upper price band of Rs 28.67 in Tuesday's trade. At this price, the stock slipped 16.54 per cent from its 52-week high of Rs 34.35, a level seen earlier this year on April 5.
The scrip saw heavy trading volume on BSE today as around 1.76 crore shares were last seen changing hands. The figure was way more than the two-week average volume of 54.40 lakh shares. Turnover on the counter came at Rs 49.70 crore, commanding a market capitalisation (m-cap) of Rs 11,476.49 crore.
On technical setup, support on the counter could be seen at the Rs 27-25 zone. And, a decisive breach above the Rs 29-30 range is required for further upside.
Osho Krishan, Senior Research Analyst - Technical & Derivatives at Angel One, said, "RPower has seen strong traction in the last couple of trading months and has been hovering in a broad range of 20-32 sub-zone. On the higher end, the Rs 29-30 range is seen as the intermediate hurdle followed by 32-34 levels in the short term. On the lower end, Rs 26-25 is likely to cushion the counter, while sacrosanct support lies around 24 sub-zone."
Jigar S Patel, Senior Manager - Technical Research Analyst at Anand Rathi Shares and Stock Brokers, said, "Support will be at Rs 26.70 and resistance at Rs 28.70. A decisive close above Rs 28.70 level may trigger a further upside towards Rs 30. The expected trading range will be between Rs 25 and Rs 32 for a month."
The counter was trading higher than the 5-day, 10-, 20-, 30-, 50-, 100-, 150-day and 200-day simple moving averages (SMAs). The counter's 14-day relative strength index (RSI) came at 63.82. A level below 30 is defined as oversold while a value above 70 is considered overbought.
The company's stock has a price-to-equity (P/E) ratio of 213.89 against a price-to-book (P/B) value of 1.11. Earnings per share (EPS) stood at 0.12 with a return on equity of 0.52.
Reliance Power, formerly known as Reliance Energy Generation Ltd, is a part of the Reliance Anil Dhirubhai Ambani Group. As of March 2024, promoters held a 23.24 per cent stake in the company.