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Business News/ Markets / Stock Markets/  Multibagger stock: Adani Power share price touches lifetime high. Experts see 25% more upside

Multibagger stock: Adani Power share price touches lifetime high. Experts see 25% more upside

Multibagger stock: Adani Power share price has ascended 170% in one year

Multibagger stock: Adani Power share price today touched a new peak of ₹647.80 apiece on NSE. (Photo: Reuters)Premium
Multibagger stock: Adani Power share price today touched a new peak of 647.80 apiece on NSE. (Photo: Reuters)

Adani Power share price has not just delivered a significant 170 percent return in one year, but it has also demonstrated the potential for more upside. This success story is a testament to the company's resilience and the promising future it holds. Adani Power share price today opened on a positive note, reaching an intraday high of 647.80 apiece on NSE. This new lifetime peak is a clear indication of the stock's upward trajectory.

Stock market experts, who have a deep understanding of the industry, still see significant upside potential in this Adani group stock. Their belief is backed by the expectation of power companies reporting solid quarterly numbers in the upcoming quarters due to the rise in demand. They predict that Adani Power share price, which has just given a fresh breakout on the technical chart pattern, may touch 800 after this flag and pole breakout.

Adani Power share price target

Looking ahead, we can expect the Adani Power share price rally to continue. Avinash Gorakshkar, Head of Research at Profitmart Securities, anticipates that power companies will benefit from the rise in demand during the summer season. This, coupled with the expectation of strong quarterly numbers from the Adani group company, presents an exciting investment opportunity. Despite the stock's higher valuations, high-risk traders can consider buying the stock at current levels as it has been in a base building mode for nearly four months, indicating the potential for further growth.

Asked about Adani Power's share price outlook, Aditya Gaggar, Director of Progressive Shares, said, “After consolidating for over 4 months, Adani Power share price has given a breakout from a continuation pattern known as a bullish Flag and Pole formation confirmed with a hidden bullish divergence in the RSI. A reading of 32.97 in ADX indicates the presence of a strong uptrend. As per the pattern, the next Adani Power share price target is the 800 mark."

As Adani Power's share price today is around 640, market experts are expecting a 25 percent upside in this multibagger Adani group stock.

Adani Power share price share price has a market cap of 2.47 lakh crore. Its current trade volume on NSE is 67.26 lakh and around 45 minutes of trade remains. The 52-week high of Adani Power's share price is 647.80 apiece, whereas its 52-week low is 214 per share.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.

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Asit Manohar
Chief Content Producer at Live Mint Digital Team
Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
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Published: 15 May 2024, 03:04 PM IST
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