Adani Power stock trading marginally higher despite broader market trade

Adani Power stock trading marginally higher despite broader market trade

Adani Power stock was trading marginally higher on Thursday despite the broader market trading in the green. The shares of Adani Power had fallen in the last nine sessions. The 30 stock Sensex rose 2% during the period. The stock of Adani Power was trading 0.60% higher at Rs 327.95 on the BSE at 12: 03 pm today.

The stock opened at 326.25 against the previous close of 326 on the BSE earlier in the day. Adani Power's market cap was 1.26 lakh crore. The Adani Group stock was trading higher than the 200 day moving averages but was lower than 5 day, 20 day, 50 day and 100 day moving averages. The stock of large cap has gained 229% this year and rallied 209.67% in the last year.

The firm has changed hands of 0.92 lakh shares, which is a turnover of Rs 3.01 crore. The stock hit a record high and a 52 week high of Rs 432.80 on August 22, 2022 and a 52 week low of Rs 93.60 on November 29, 2021.

The stock of Adani Power is trading 24.22 per cent lower than its all-time high.

After having an excellent 2022, where most of the Adani Group stocks have given stellar returns, these stocks including Adani Power are seeing a decent price correction thus far, according to Abhijeet from Tips 2 trade. The daily charts are a strong support and investors should wait for these levels to accumulate for targets of Rs 378-400 in the near term. In comparison to other mid-cap counters the stock seems resilient and prices have corrected closer to 23.6% retracement of the entire rally since March 2020 at Rs 335, so short-term trend may change to positive if it can sustain above it, or further downside towards the next support level of Rs 275 38.2% retracement is possible. There isn't yet a sign of bottoming out on the oscillator front. Hence, it is advisable to accumulate at lower levels of Rs 290 -- 300, said Das.