Adani Power shares fall from 52-week high; trim three-session gains

Shares of Adani Power Ltd have fell 8% from their 52-week high in today. Earlier, the stock hit its 52-week high of Rs 470.90, climbing 23% in the last three sessions. However, the Adani Group stock saw profit-booking to hit an intraday low of Rs 433.55 on BSE. Adani Power shares fell to a 52-week low of Rs 132.55 on February 28, 2023.

The Adani Group stock has delivered multibagger returns of 351% and 1054% in two and three years, respectively.

In the current session, the stock was trading at Rs 444 in the afternoon trade on BSE. Market cap of the firm stood at Rs 1.71 lakh crore. The firm saw 30.27 lakh shares changing hands amounting to a high turnover of Rs 137.20 crore on BSE. The Adani Group stock has a beta of 0.2, indicating very low volatility in a year.

In terms of technicals, the relative strength index (RSI) of Adani Power stands at 75.3, 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.

Commenting on the outlook of Adani Power, Abhijeet from Tips2trades said, "Adani Power looks bearish on the daily charts with strong resistance now at 470. Investors should book profits at current levels as a Daily close below support of 408 could lead to a target of 347 in the near term."

Jigar S Patel, Senior Manager - Technical Research Analyst at Anand Rathi Shares and Stock Brokers, said, "We may see a target price of Rs 500 within the next 2–3 weeks. If already holding, then book profit in the zone of Rs 440–450."

Market expert Ravi Singh said, "Adani Power share price is looking weak on daily and weekly chart patterns. The 14-day RSI and long term MAs are suggesting more sell off in the near term. We may see some recovery in the counter at lower levels. The stock is likely to touch the levels of Rs 410 in coming trading sessions."

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