Stock at all-time high: Adani Power Ltd

Stock at all-time high: Adani Power Ltd

by 5paisa Research Team Last Updated: 2022-04-25T14:13:53+05:30

The stock of ADANIPOWER is bullish lately and has gained 5% today.

Adani Power Limited is a holding company engaged in providing electric power generation by coal-based thermal power plants and coal trading. With a market capitalization of about Rs 90000 crore, it is one of the strong growing company in its sector. The stock is a hot topic lately because of its recent uptrend.

ADANIPOWER has gained 5% today. Since its prior swing low of Rs 214, the stock has gained nearly 25% in just five trading sessions. With this, it has hit a fresh all-time high of Rs 272.05 today. It has been hitting the upper circuit for the past three days, which justifies the immense demand to buy this stock. The volumes have been above average lately and are greater than the 10-day and 30-day average volume. As per the price structure, the stock shows no signs to halt and is expected to trade higher.

The 14-period daily RSI (80.95) indicates an extremely strong strength in the stock. The +DMI is above the -DMI and shows a clear uptrend. The ADX, too, is at 56 and points upwards. The OBV has crossed above its prior swing high and indicates strong strength from the volume’s point of view. The Elder Impulse System and KST maintain their buy signal. The stock trades above its 20-DMA by about 25%.

The stock has performed exceptionally well in the past. On a YTD basis, the stock has gained over 170% and has outperformed its peers by a huge margin. Adani group of stocks are the hit topic lately considering their recent run-up. With its strong price structure and technical parameters aided with bullish sentiment, the stock is expected to do well in the short to medium term. Moreover, it is a good candidate for swing trading. Short term traders/ positional traders can expect good profits in near term.

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