Produced by: Aseem Thapliyal
Shares of Adani Power Ltd closed on a flat note on Wednesday (April 10) at Rs 617.90, up 0.26% on BSE. Market cap of the Adani Group stock stood at Rs 2.38 lakh crore.
Adani Power shares have delivered multibagger returns to shareholders in a year. The stock has surged 218.51% during the period. In three and five years, the stock has zoomed 532.12% and 1159.73%, respectively.
Adani Power stock touched a record high of Rs 647 on April 4, 2024 and fell to a 52-week low of Rs 185.10 on April 19, 2023.
The Adani Group stock has a beta of 0.7, indicating very low volatility in a year. Adani Power stock is trading neither in the overbought nor in the oversold zone, signals the relative strength index (RSI) of Adani Power which stands at 74.6.
The Adani Group stock stands higher than the 10 day, 20 day, 30 day, 50 day, 100 day, 150 day and 200 day moving averages signaling the stock is trading in bullish zone.
Shiju Koothupalakkal - Technical Research Analyst, Prabhudas Lilladher said, "The stock has seen a decent rally from the important 100 period MA at Rs 515 level to cross the significant 50EMA level of Rs 540 to gain strength improve the bias and has indicated a clear breakout above the Rs 590 zone to further strengthen the trend overall. After the consolidation period, the stock has entered a new territory. Higher price targets of Rs 670 and Rs 735 are likely in the coming days. The Rs 590 level would be the major support zone from current levels."
Avdhut Bagkar, Derivatives & Technical Analyst at StoxBox said, “Post forming a sideways consolidation, the price action has triggered the upward breakout over Rs 600-mark. This move is signaling a positive upside for the upcoming sessions. Immediate support falls at Rs 600 level, followed by Rs 580. The trend has shifted towards a bullish foot that could see immediate levels of Rs 655 and Rs 670. Medium-term outlook is well poised over the key support of Rs 500, its 100-daily moving average (DMA), as per the daily chart. The price behaviour denotes a steady rally towards Rs 700 mark.”
Bourses BSE and NSE have placed Adani Power shares under the long-term ASM stage 2 (Additional Surveillance Measure) framework. Exchanges place stocks in short-term or long-term ASM frameworks to caution investors about high volatility in share prices.
The Adani Power IPO was open from July 28, 2009 to July 31, 2009. The shares were listed on BSE and NSE on August 20, 2009.
The price band of Adani Power IPO was Rs 90-Rs 100 per equity share. The public issue was subscribed 21.64 times with the qualified institutional buyers (QIBs) portion subscribed 39.47 times, the non-institutional portion subscribed 8.62 times, and the retail portion receiving 2.96 applications on the final day.
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