
Shares of Reliance Power Ltd continued their strong upward run for the sixth consecutive session in Friday's trade. The stock today jumped 7.92 per cent to hit a fresh one-year high of Rs 32.99. At this price, the scrip has gained 47.54 per cent in six trading sessions. It has given multibagger return by rallying 264.53 per cent from its 52-week low price of Rs 9.05, a level seen on March 28 last year.
The counter saw two bulk deals in the previous trading session, BSE data showed. An entity named Hrti Pvt Ltd bought 1.95 crore shares at an average price of Rs 28.76 and sold around 1.86 crore shares at an average rate of Rs 28.64.
The scrip witnessed heavy trading volumes today as well. Around 5.05 crore were seen changing hands on BSE. The figure was higher than the two-week average volume of 3.20 crore shares. Turnover on the counter stood at Rs 160.45 crore, commanding a market capitalisation (m-cap) of Rs 12,291.07 crore. There were 42,08,548 sell orders against buy orders of 25,43,002 shares.
On technical charts, the stock may face immediate resistance at the Rs 35 zone. A decisive move above the said level could trigger a further upside. On the lower side, support will be at Rs 25, followed by Rs 24 and Rs 23 levels.
Shiju Koothupalakkal, Technical Research Analyst at Prabhudas Lilladher, said, "The stock has indicated a significant spurt. It can carry on the positive move further in the coming days. The major support zone would be at the Rs 25 zone and the next targets expected from here are Rs 35 and Rs 43 levels, respectively. Only a decisive breach below Rs 23 can weaken the bias."
Laxmikant Shukla, Technical Research Analyst at YES Securities, said, "The stock may see levels of Rs Rs 40-44 or beyond in the near term. Conversely, on the downside, Rs 23 is recognized as a substantial support level, expected to offer robust protection during any corrective moves."
Osho Krishan, Senior Research Analyst - Technical & Derivatives at Angel One, said, "Reliance Power has been hovering in a cycle of higher highs – higher lows and recently has gained strong traction. On the higher end, the stock looks poised to continue its upward march."
Jigar S Patel, Senior Manager - Technical Research Analyst at Anand Rathi Shares and Stock Brokers, said, "Expected trading range will be between Rs 20 and Rs 35 for a month."
DRS Finvest founder Ravi Singh said, "The stock may hit Rs 35 in the near term. Keep strict stop loss placed at Rs 24."
As of September 2023, promoters held 24.49 per cent stake in the company.
(Disclaimer: Business Today provides stock market news for informational purposes only and that should not be construed as investment advice. Readers are encouraged to consult a qualified financial advisor before making any investment decisions.)
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