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This stock has given 1,315 percent return to investors in five years. Adani Power shares have jumped 197 percent in one year. This stock has given 24 percent return in one month.
New Delhi. Adani Power Limited’s stock made a new record high in the last trading session i.e. Friday. Intraday, this Adani stock reached Rs 797.50. Later it closed at Rs 756.65 (Adani Power share price) with a gain of 8.82 percent. Adani Power is a multibagger stock. This stock has given 670 percent return to investors in three years. Brokerage houses have predicted further growth in this stock. With the rise in shares on Friday, the market capitalization of Adani Power increased to Rs 2.92 lakh crore. In the last trading session, a total of 2.74 lakh shares worth Rs 19.58 crore were traded.
The Relative Strength Index (RSI) of Adani Power stock is 67.1. Which indicates that this stock is neither in the ‘overbought’ zone nor in the ‘oversold’ zone. Currently this stock is trading above its 10, 20, 30, 50, 100 and 200 day moving averages. This shows that this stock is currently trading in the bullish zone.
Also read- This share was very cheap two and a quarter years ago, its price was less than Rs 10, now the price has reached above Rs 450
Brokerage gave advice to buy
Stockbox technical analyst Kushal Gandhi has advised to buy Adani Power shares. Gandhi has set its target price at Rs 790 and has asked investors to keep a stop loss at Rs 655. Samco Securities is also bullish on Adani Power. The brokerage has advised investors to adopt a ‘buy on dip’ strategy. The brokerage says, “India’s electricity demand is expected to reach 260 gigawatts this season. With the increase in electricity consumption, companies like Adani Power will have to increase production to meet the demand. Adani Power will benefit from this increased demand by increasing the capacity of thermal power.”
Giving multibagger returns
Adani Power stock has been giving multibagger returns for a long time. In five years, this stock has given investors a return of 1,315 percent and in three years, it has given a return of 670 percent. Similarly, in the last one year, the price of Adani Power stock has jumped by 197 percent. So far in the year 2024, this multibagger stock has jumped 44 percent. In one month, this stock has given a return of 24 percent.
(Disclaimer: The stocks mentioned here are based on the advice of brokerage houses. If you want to invest money in any of these, then first consult a certified investment advisor. AyraNews24x7 will not be responsible for any kind of profit or loss of yours.)
Tag: Business News, Money making tips, Multibagger Stocks, Share Market, Stock Tips
first published : June 1, 2024, 10:03 IST
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