Adani Power shares rally 14% this week amid high trade volumes

Synopsis

Adani Power shares are experiencing a significant rally. This week, the stock price climbed 13.8%, reaching Rs 605 on the BSE. High trading volumes are fueling this surge. Today, the stock rose 4.7% in intraday trade. Technically, the stock is trading above its daily exponential moving averages. The stock has shown strong recovery in the shorter term.

The shares of Adani Power have shown an impressive rally, surging 13.8% this week to a high of Rs 605 on the BSE today. This surge is driven by high trading volumes in the stock.

Today alone, the stock climbed 4.7% on the BSE in intraday trade.

As of 10:50 a.m., the stock’s total traded quantity (TTQ) stood at 6.96 lakh shares, with a total turnover of Rs 41.44 crore.

The company’s total market capitalisation stood at Rs 2.33 lakh crore at that time.

On the daily chart, Adani Power has formed impressive long green candles for each day of the week so far.

Technically, shares of Adani Power are trading well above their significant daily exponential moving averages (DEMAs). According to Trendlyne data, the stock’s 5-day EMA is currently at 558.3, while the 10-day EMA is at 555.7.

The 20-day EMA stands at 555.0, and the 50-day EMA is at 548.3. In terms of longer-term moving averages, the 100-day EMA is placed at 543.3, and the 200-day EMA at 548.6.

On the RSI, the stock is oscillating near the 59 mark. An RSI below 30 is considered oversold, while an RSI above 70 is considered overbought.

Adani Power share price history

Over the past year, shares of Adani Power have declined by 15.64%. However, they have shown a strong recovery in the shorter term, gaining 14.50% year-to-date (YTD). In the last six months, the stock is up 19.03%, while the three-month gain stands at 16.12%. Over the past month, the stock has risen by 9.14%.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

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