Adani Power Share Price: Shares of Adani Power remained in focus on Friday, rising nearly 2.5 per cent in early trade to around Rs 235, as buying interest continued across the broader Adani Group pack. Market experts tracking the counter said the stock remains one of the strongest performers in the power sector and continues to show positive technical signals despite intermittent profit booking over the last two trading sessions.
“Adani Power is one of the strongest counters. After the breakout from a pennant flag pattern, we witnessed a very strong follow-up move, and that trend is still continuing,” the expert said during a market discussion with ET Now.
According to her, the stock continues to trade within an upward-sloping channel, indicating sustained buying interest.
Experts believe the stock could move towards higher levels if the current momentum sustains.
“We are seeing positional targets of around Rs 250. Investors can maintain a stop-loss in the Rs 220-228 zone, which is emerging as an important support base,” the expert said.
She added that investors should also keep an eye on power-sector peer CG Power and Industrial Solutions, which is also showing positive technical trends.
PFC near crucial technical levels
The technical expert said that PFC is currently trading near an important make-or-break zone.
“PFC had earlier witnessed a double-bottom breakout around Rs 425 and subsequently touched highs near Rs 486. The stock has now been correcting for nearly six weeks,” he said.
Hammer candle formation could trigger fresh upmove
According to the expert, traders should closely watch Friday’s closing levels.
“A hammer candle formation is developing. If the stock closes in the Rs 429-435 zone, the retest process would be complete and PFC could be ready for a fresh upward move,” he added.
He expects follow-through buying next week if the pattern gets confirmed.
“If the follow-through action materialises, PFC could revisit levels of Rs 465-470,” he added.
(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. ET NOW DIGITAL suggests its readers/audience to consult their financial advisors before making any money-related decisions.)
