From Business Today: 2024-05-16 01:54:43

Shares of Adani Power Ltd reached new record highs, rising 2% before trading lower. Market cap tops Rs 2.51 lakh crore. Investors see multibagger returns as stock triples from 52-week low. Consolidated net profit down 47.8% YoY to Rs 2,737 crore. Power sale volume up 55% in Q4FY24. Technical experts bullish on stock with potential for further gains.

Adani Power reports decline in net profit but significant growth in total income for Q4FY24. Company attributes sales volume growth to increased power demand and capacity expansion. Experts posit strong upside potential for stock. Initiation of Phase-II expansion project in Chhattisgarh further boosts prospects. Support at Rs 625, resistance at Rs 652.

Technical analysis indicates bullish flag and pole formation, pointing to a target of Rs 800 for Adani Power. Gradual uptrend expected to continue with breakout above Rs 647 zone. Positive price action observed with breakout from rounding bottom pattern. Stock seen as low risk, high reward opportunity with potential target of Rs 752.

Adani Power approaches key resistance zone at Rs 642-647, offering pullback buying opportunity at Rs 607-610. Major support at Rs 570. Analysts predict potential targets of Rs 700 and Rs 750. Disclaimer: Stock market news shared for informational purposes. Consult financial advisor before investing.



Read more at Business Today: Adani Power shares hit new highs; is stock heading towards Rs 800-mark?