Adani Power Share Price Soars by 3% in Today’s Trading Session
Adani Power, a part of the Adani Group, was trading at ₹647.80 with a 3% increase in yesterday’s business session. However, the stock has slightly declined today. The company has a total market capitalization of ₹2.45 lakh crore. In the last six months, the company’s shares have provided a return of 63.44% to its investors. Over the past year, the shares have yielded a whopping 171% return. Adani Power stock has a beta of 0.7, representing low volatility over a year.
On Thursday, May 16, 2024, the stock was trading at ₹637, down by 0.43%. On Friday, May 17, 2024, the share price further dropped by 0.60% to ₹636. The daily chart shows strong resistance at ₹648 for Adani Power stock. If the share surpasses this price, it could reach ₹700 in a short time. Experts recommend investing in this stock with a short-term target price of ₹650 and placing a stop loss at ₹570.
According to experts at Arihant Capital Markets, if Adani Power crosses ₹641, the share could reach ₹661 in the short term. They advise placing a stop loss at ₹580 while buying this stock. The relative strength index of Adani Power stock is at 61.4, indicating that it is not trading in the overbought or oversold zone. The stock is trading above its 10-day, 20-day, 30-day, 50-day, 100-day, 150-day, and 200-day moving average price levels.
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