Adani Power shares snap six-day losing streak; clock highest turnover, volumes since April 3

Shares of Adani Power snapped their six-day losing streak amid highly volatile market today. In the current session, the stock hit an intraday high of Rs 196.8 rising 4.99% against the previous close of Rs 187.45 on BSE. A total of 11.74 lakh shares of the firm changed hands amounting to a turnover of Rs 22.57 crore on BSE. Market cap of the firm stood at Rs 74,921 crore on BSE.

Today’s volume and turnover are the highest since April 3 this year. On April 3, 13.92 lakh shares changed hands amounting to a turnover of Rs 26.61 crore.

In terms of technicals, the relative strength index (RSI) of Adani Power stands at 47.4, signaling it's neither trading in the overbought nor in the oversold territory. The stock has a beta of 1.2, indicating very high volatility in a year. Shares of Adani Power are trading higher than the 5 day, 20 day and 50 day moving averages but lower than 100 day and 200 day moving averages.

The share hit a 52 week high of Rs 432.80 on August 22, 2022 and a 52 week low of Rs 132.55 on February 28, 2023.

Of late, Adani Power stock has delivered negative returns for investors due to very high market volatility and rising interest rates. The stock has fallen 17.33% in a year and lost 35.07% in 2023.

Meanwhile, the BSE power index clocked gains of 4.03 per cent this year but lost 23.71 percent in the last one year. In three years, the BSE power index zoomed 138.53 per cent.

Here's a look at what analysts said about prospects of the power sector stock.

Vaishali Parekh, Vice President - Technical Research at Prabhudas Lilladher said,"Adani Power stock after the huge erosion since January 2023 has bottomed out near Rs 132 zone and recovered to some extent but the daily price action has narrowed down drastically making the chart technically look less significant. There is resistance witnessed near the 50EMA level of Rs 201 zone and would need a decisive move past the previous peak level of Rs 217 to indicate a breakout and establish some conviction for further upward move."

Abhijeet from Tips2trades said, "Adani Power has a strong resistance at Rs 198 on the Daily charts. Investors should buy only if close is above this level for targets of Rs 220-235 in the coming weeks. Support will be at Rs 185."

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