Adani Power Limited Stock Forecast
Stronger technical forecast for Adani Power Limited stock price after Friday trading.
(Updated on Apr 26, 2024)
The Adani Power Limited stock price fell by -0.127% on the last day (Friday, 26th Apr 2024) from ₹592.35 to ₹591.60. It has now fallen 3 days in a row. During the last trading day the stock fluctuated 2.49% from a day low at ₹587.05 to a day high of ₹601.65. The price has fallen in 7 of the last 10 days and is down by -4.02% for this period. Volume has increased on the last day by 391 thousand shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 2 million shares were bought and sold for approximately ₹1.12 billion.
The stock lies in the middle of a wide and weak rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 7.28% during the next 3 months and, with a 90% probability hold a price between ₹569.98 and ₹700.60 at the end of this 3-month period.
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ADANIPOWER.NS Signals & Forecast
A sell signal was issued from a pivot top point on Thursday, April 04, 2024, and so far it has fallen -7.85%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely. Some positive signals were issued as well, and these may have some influence on the near short-term development. The Adani Power Limited stock holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term Moving Average at approximately ₹596.06. On a fall, the stock will find some support from the long-term average at approximately ₹573.84. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal.
Support, Risk & Stop-loss for Adani Power Limited stock
Adani Power Limited finds support from accumulated volume at ₹588.45 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved ₹14.60 between high and low, or 2.49%. For the last week, the stock has had daily average volatility of 2.02%.
Our recommended stop-loss: ₹566.72 (-4.21%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 15 days ago.)
Trading Expectations (ADANIPOWER.NS) For The Upcoming Trading Day Of Monday 29th
For the upcoming trading day on Monday, 29th we expect Adani Power Limited to open at ₹593.43, and during the day (based on 14 day Average True Range), to move between ₹571.61 and ₹611.59, which gives a possible trading interval of +/-₹19.99 (+/-3.38%) up or down from last closing price. If Adani Power Limited takes out the full calculated possible swing range there will be an estimated 6.76% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at ₹588.45 (0.53%) than the resistance at ₹617.85 (4.44%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Earnings coming up
Adani Power Limited will release earnings BMO on Friday, May 03, 2024. We will update the financials statements for Adani Power Limited, that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 4.96% in the first trading day after earnings release.
Is Adani Power Limited stock A Buy?
Several of the signals/indicators are negative, and we believe that this will affect on the development for the next days and maybe possible weeks. However, over time, we think that today's level holds a possible buying opportunity and that the price will be higher during or at the end of this 3-month period. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.
Current score: 1.899 Buy Candidate Upgraded
Predicted Opening Price for Adani Power Limited of Monday, April 29, 2024
| Fair opening price April 29, 2024 | Current price |
|---|---|
| ₹593.43 ( 0.310%) | ₹591.60 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ADANIPOWER.NS
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 608.03 | 2.78 % | |
| R2 | 602.46 | 1.84 % | ||
| R1 | 599.01 | 1.25 % | ||
| Current price: | 591.60 | |||
| Support | S1 | 587.86 | -0.633 % | |
| S2 | 584.41 | -1.22 % | ||
| S3 | 578.83 | -2.16 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 642.00 | 8.52 % | |
| R2 | 626.70 | 5.93 % | ||
| R1 | 617.85 | 4.44 % | ||
| Current price | 591.60 | |||
| Support | S1 | 588.45 | -0.532% | |
| S2 | 570.45 | -3.58% | ||
| S3 | 516.55 | -12.69% |
FAQ
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