Multibagger Stock: after killing Market capitalization of 1 Lakh Crore last week, the shares of Adani Power have been hitting the upper circuit for the last 5 consecutive trading sessions. One of the multibagger stocks in 2022, this Adani Group stock has given nearly 200 per cent returns to its investors this year and experts are expecting more upside in this stock. After hitting the upper circuit over the past four sessions, Adani Power stock price today opened on an upside and took a hit after climbing 5 percent on the upper circuit. 299.90 per share level on NSE.
According to stock market experts, key indices across energy and power sectors are expected to outperform as thermal power generation has been badly hit due to short supply of coal. Apart from this, the demand for electricity is expected to move northwards during summers. So, big power generation companies prefer Adani Power Margin gains are expected on their buffer coal stock. Adani Power shares have given ‘Flag Pattern Breakout’ on chart pattern 260 level and it has recently formed a ‘Higher Higher Higher Low Formation’ which indicates further upside in the multibagger stock.
Highlighting the reason behind Adani Power’s share price rally, Avinash Gorakshakar, Head of Research, Profitmart Securities said, “Adani Power is India’s largest private thermal power producer and coal supply has been severely affected in recent times, leading to There has been an increase in coal prices globally. Due to this, both power and coal prices are likely to continue to rise. Hence, the market is expecting margin gains for Adani Power on its buffer coal stock. Electricity consumption is expected to increase as the summer season has arrived and mercury levels are touching new highs these days.
Reflecting the Adani Power stock chart, Sumeet Bagdia, Executive Director, Choice Broking said, “Adani Power shares have given flat pattern breakout. 260 levels. Following that breakout, this Adani stock has formed a higher higher low on the chart pattern, indicating further upside in the stock. it has an immediate basis 280 levels. Therefore, those who have this stock in their portfolio can continue with the stock maintaining the stop loss below 280 for further bullishness in the near future. Immediate hurdle put in place for Adani Power Share 325 more 340 levels, which short-term shareholders can also consider profit-booking levels.”
Last week, Adani Power shares hit the market capitalization 1 lakh crore. The market valuation of Adenin Power shares has risen today 1.16 lakh crore. Hence, in less than a week, the market cap of Adani Power shares has risen close to 16%, indicating a strong rally despite weak market sentiments.
Disclaimer: The views and recommendations given above are those of individual analysts or broking companies and not of Mint.