Adani Power Share Price may remain bullish till Rs 753 for next 7 days, know what market experts say
Adani Power share price has been a topic of interest in the stock market today, September 16, 2024. The stock opened at ₹639.00 and has shown some volatility throughout the trading session. As of the latest updates, the share price is hovering around ₹634.70, reflecting a decline of approximately 2.71% from its previous close of ₹651.10. This drop can be attributed to broader market trends, including fluctuations in the Sensex, which have also impacted investor sentiment towards Adani Power.
Main Points
- 1 Current Adani Power Share Price and Trading Range
- 2 Adani Power Share Price 52-Week Performance
- 3 Adani Power Share Price Technical Analysis: Important Levels
- 4 Support and Resistance Levels:
- 5 Recent Developments Impacting Share Price
- 6 Adani Power Share Price Financial Health and Performance Metrics
- 7 Institutional Holdings and Investor Sentiment
Today’s trading session has seen Adani Power’s stock reach an intraday high of ₹647.65 and a low of ₹630.45. The market capitalization of Adani Power currently stands at ₹244,356.37 crore. Over the past week, the stock has shown a slight increase of 0.42%, but it has seen a more significant decline of about 7.93% over the past month, indicating a challenging market environment for the company.
Adani Power’s stock has experienced considerable fluctuations over the past year. The 52-week high is recorded at ₹896.75, while the low is at ₹289.30. This wide range highlights the stock’s volatility and the varying investor sentiment in response to the company’s performance and market conditions.
From a technical standpoint, the stock is currently trading below its 50-day moving average (DMA) and is about 8% above its 200 DMA. This positioning suggests that the stock may need to break above the 50 DMA to gain any momentum for a potential upward movement. Analysts often look at these moving averages to gauge the stock’s trend direction.
Support and Resistance Levels:
- Support Levels: The immediate support level for Adani Power is around ₹630. If the stock breaches this level, it may face further selling pressure.
- Resistance Levels: The first resistance level is seen at ₹640, followed by ₹650. A breakout above these levels could signal a reversal in the current downtrend.
Adani Power has been in the news recently due to significant contract awards. The Maharashtra State DISCOM has issued a Letter of Intent for the supply of 6,600 MW of hybrid solar and thermal power. Adani Power is set to supply 1,496 MW of thermal power from its new 1,600 MW Ultra-supercritical capacity. This contract is a part of a larger initiative to enhance India’s energy security and is expected to positively influence the company’s long-term growth prospects.
However, the political landscape surrounding these contracts has drawn scrutiny. The Congress party has alleged that the bidding process was manipulated, which could affect public perception and investor confidence in the stock.
Adani Power has reported impressive financial metrics, including a 40% annual revenue growth. The company’s operating revenue for the last twelve months stands at ₹54,301.34 crore. The earnings per share (EPS) is reported at ₹41.44, with a price-to-earnings (P/E) ratio of approximately 15.5. While these figures indicate a strong operational performance, the stock’s technical strength remains a concern, with an EPS rank of 52 and a relative strength (RS) rating of 45, both indicating underperformance compared to peers.
Institutional Holdings and Investor Sentiment
Institutional holdings in Adani Power have seen an uptick in the last reported quarter, which is a positive sign for the stock. However, the overall technical strength and fundamentals suggest that investors should proceed with caution. The stock’s performance has been inconsistent, and there are indications that better opportunities may exist in the current market environment.
Disclaimer: The information given in this article is from investment experts and brokerage companies, they do not represent Local Haryana. Before taking any investment related decision, you must consult a certified expert.
