Power stock: Adani Power rallies 14% this week as volumes spike, technicals stay bullish – OXBIG NEWS NETWORK-OxBig News Network

Shares of Adani Power climbed nearly 14% this week to hit Rs 605 on the BSE on Friday, riding on robust trading volumes and a strong technical setup.The stock rose 4.7% in intraday trade before settling at Rs 584.35, up 1.08%. As of 10:50 a.m., the total traded quantity stood at 6.96 lakh shares, with turnover touching Rs 41.44 crore. The company’s market capitalisation was Rs 2.33 lakh crore during the session, according to an ET report.On the technical charts, the stock formed long green candles each day this week, signalling bullish momentum. Adani Power is trading well above key daily exponential moving averages (DEMAs), with the 5-day EMA at 558.3 and the 10-day and 20-day averages at 555.7 and 555.0 respectively, ET noted. Longer-term EMAs—50-day, 100-day and 200-day—are all in the 543–548 range. The relative strength index (RSI) is hovering near 59, indicating continued upside room before approaching overbought territory.Over the past year, Adani Power shares are down 15.6%, but the stock has staged a strong short-term recovery. Year-to-date, it has gained 14.5%, with a 19% rise in the past six months and 16.1% over the last three months. In June alone, the stock is up over 9%.According to ET, analysts remain optimistic, with a 1-year target price of Rs 634—an 8.4% upside from current levels. The stock holds a ‘strong buy’ score of 10/10 based on analyst recommendations.(Disclaimer: Recommendations and views on the stock market and other asset classes given by experts are their own. These opinions do not represent the views of The OXBIG NEWS NETWORK)