Adani Power and Adani Ports: Key Market Updates and Trends

Adani Power Share Price Dynamics

Adani Power’s stock has seen significant fluctuations today, reflecting a turbulent trading session. The stock opened at ₹709.95, peaked at ₹717, and bottomed out at ₹702.35, ultimately closing at ₹706.95. With a market capitalization of ₹271,740.71 crore, the stock’s 52-week range spans from a high of ₹720.1 to a low of ₹230.95.

During the latest trading hour, Adani Power’s price oscillated between ₹688.2 and ₹678.15, suggesting a rangebound trading strategy for traders—buying near support at ₹678.15 and selling near resistance at ₹688.2. By 1 PM, the stock traded at ₹683.5, down by 2.99%, with a trading volume increase of 40.35% from the previous day. This heightened volume amidst a price decline points to potential further drops.

As of the last hour, the stock hit a high of ₹690.55 and a low of ₹684.7, breaking multiple support levels and indicating a bearish trend. With current trading at ₹677.6, a decrease of 3.83%, the negative movement coupled with increased volume further emphasizes the bearish sentiment. Analysts note the break of key supports at ₹699.43 and ₹693.27, with crucial attention on ₹684.48. If this level is breached, substantial selling pressure may ensue, eroding prices further.

Despite the stock’s bearish short-term outlook, the long-term trend remains bullish. Traders should monitor for potential reversals, particularly if the stock sustains above key support levels.

Adani Ports’ Strategic Move into BSE Sensex

Adani Ports & Special Economic Zone Ltd (APSEZ) has attracted significant investor interest following its inclusion in the BSE Sensex, replacing IT giant Wipro from June 24. This change is expected to inject approximately $252 million (₹2,100 crore) into Adani Ports.

Technical experts forecast a 13% upside for Adani Ports, which recently broke out of its consolidation zone of ₹1,224-1,400 on the weekly chart, marked by a strong bullish candle. Axis Securities highlights that the stock has established a support base at ₹1,188, aligning with the 38% Fibonacci Retracement level, suggesting medium-term support. The stock’s relative strength index (RSI) has also generated a buy signal.

Despite touching new 52-week highs of ₹1,457.25, the stock recently dropped over 2% to ₹1,402.65, with a market capitalization slightly above ₹3 lakh crore. Technical analyst Shiju Koothupalakkal of Prabhudas Lilladher notes a recent pullback from ₹1,240, indicating a breakout past previous peaks of ₹1,425, with near-term support at ₹1,380 and targets of ₹1,490 and ₹1,560.

Mileen Vasudeo from Arihant Capital Markets observed a rounding base pattern on the daily chart, signifying strength, and highlighted a positively poised MACD. The stock’s outperformance relative to benchmark indices suggests continued momentum, with recommended buying at current levels and a stop loss at ₹1,370 for targets between ₹1,508 and ₹1,550 in the coming weeks.

This inclusion in the Sensex is notable as it marks the first time a Gautam Adani-owned company joins the widely-tracked index. Despite Adani Enterprises’ higher market capitalization, Adani Ports was chosen, partly due to its lower promoter shareholding of 65.9% compared to Adani Enterprises’ 72.6%. Adani Ports is expected to hold a 1.2% weightage in the Sensex, signaling significant growth potential.

Overall, both Adani Power and Adani Ports are experiencing critical movements that could define their future market trajectories, with strategic implications for investors and market watchers alike.

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