As Adani stock went from ₹ 92 to ₹ 726 in three years, the brokerage is still bullish.

New Delhi. Shares of Adani Power Ltd hit a new record high in the previous trading session, Friday. The Adani stock touched Rs 797.50 intraday. It later closed at Rs 756.65 (Adani Power share price), up 8.82%. Adani Power is a multi-bagger stock. This stock has given investors a return of 670% in three years. Brokerage houses have predicted further rise in this stock. With the rise in shares on Friday, Adani Power’s market capitalization rose to Rs 2.92 lakh crore. A total of 2.74 lakh shares worth Rs 19.58 crore were traded in the last trading session.

Relative strength index (RSI) of Adani Power stock is 67.1. Which shows that this stock is neither in the ‘overbought’ zone nor in the ‘oversold’ zone. The stock is currently trading above its 10, 20, 30, 50, 100 and 200 day moving averages. This indicates that the stock is currently trading in a bullish zone.

Also Read: This share was ‘Lipo like’ two and a half years ago, the price was less than Rs 10, now the price has gone above Rs 450.

The brokerage advised to buy.
Kushal Gandhi, technical analyst at Stockbox, recommends buying shares of Adani Power. Gandhi has set his target price at Rs 790 and asked investors to place a stop loss at Rs 655. Semco Securities is also bullish on Adani Power. The brokerage has advised investors to adopt a ‘buy-on-dip’ strategy. “India’s power demand is expected to touch 260 GW this season. Due to rising power consumption, companies like Adani Power will have to ramp up production to meet the demand,” the brokerage said. “Adani Power will capitalize on this increased demand by expanding thermal power capacity.”

Giving Multi-Bagger Returns
Adani Powershare has been giving multi-bagger returns for a long time. The stock has returned investors 1,315 percent in five years and 670 percent in three years. Similarly, the share price of Adani Power has increased by 197% in the last one year. This multi-bagger stock has gained 44% so far in the year 2024. This stock has given 24% profit in one month.

(Disclaimer: The stock mentioned here is based on the advice of the brokerage houses. If you want to invest in any of them, consult a certified investment advisor first. News 18 of any profit or loss you make. will not be responsible).

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