1 hr ago
Adani Power Shares Fall as Analysts Flag Key Support Levels
Adani Power shares dropped on Thursday while the wider stock market was also weak.
The article says some investors may have been taking profits after earlier gains.
Analysts are watching several price levels where the shares might stop falling.
Jigar S. Patel said ₹182–₹183 is an important support area.
If the shares fall clearly below it, they could head lower, while staying above ₹185 might allow a recovery.
Vipin Kumar also sees possible support near ₹183, ₹177 and ₹174.
Both analysts advised traders to wait for signs that the price has become steadier before making new trades.
Adani Power fell as much as 6.3% to ₹184.15 on Thursday, 8 October, during a weak broader market session.
The article attributed the decline largely to profit booking and said the stock was down about 8% so far that month.
Jigar S. Patel identified ₹182–₹183 as a major support zone, with a possible move toward ₹170 if the stock closes decisively below it.
Patel said holding above ₹185 could allow a short-term recovery toward ₹196, but advised waiting rather than taking aggressive positions.
Vipin Kumar cited support around ₹183, ₹177 and ₹174, and recommended waiting for stability or a reversal pattern before entering.
- Who
- Adani Power and analysts Jigar S. Patel and Vipin Kumar.
- What
- Adani Power shares fell more than 6% intraday, and analysts outlined technical support and resistance levels.
- Where
- Trading on the BSE.
- When
- Thursday, 8 October; the year is not specified.
- Why
- The article attributed the decline largely to profit booking amid broader stock market weakness.
Cautious outlook
Potential recovery
Near-term direction
Cautious outlook
Patel said momentum indicators pointed to weakness and that a decisive close below ₹182–₹183 could increase selling pressure, with the next support near ₹170.
Potential recovery
Patel said that if the stock sustains above ₹185, a short-term recovery toward ₹196 cannot be ruled out.
Trading approach
Cautious outlook
Both analysts advised waiting for stability or a base or reversal formation before initiating fresh positions.
Potential recovery
Kumar expected the corrective move to halt around the support confluence zone near ₹183, ₹177 and ₹174.
Key facts
- Intraday low
- ₹184.15, down 6.3% from the previous close
- Previous close
- ₹196.60
- Opening price
- ₹196
- Monthly performance
- Down about 8% so far that month
- Year-to-date performance
- Adani Power up 26%; Sensex down 16%; BSE Power index up 6%
- Patel's key support
- ₹182–₹183; a decisive close below could expose the stock to a move toward ₹170
- Kumar's support levels
- ₹183, ₹177 and ₹174
Quotes
Jigar S. Patel
Senior Manager of Equity Technical Research at Anand Rathi Share and Stock Brokers.
“Momentum indicators are currently hinting at weakness, suggesting that upside may remain limited unless the stock shows sustained strength above the immediate resistance zone. Therefore, it would be prudent to wait and watch rather than take aggressive positions at current levels.”
livemint.com
“The stock needs to build a stronger base around the ₹185– ₹188 before a meaningful recovery can be expected. A sustained move above ₹188 would improve the technical structure, while a decisive close below ₹182 would weaken the setup further and increase downside risk.”
livemint.com
Sources
Related news
PL Capital Sees Further 30% Upside in Adani Power
Adani Power Shares Fall 10% Since Q1 Earnings
Bagadia Recommends Five Breakout Stocks Amid Bearish Market Pressure
Jaiprakash Power Shares Jump Despite Adani Stake Report Denial
Vedanta Group Stocks Fall, Prompting Selective Bottom-Fishing Debate
Zee Entertainment Shares Rise 8% After Four-Day Losing Run
Senco Gold Shares Jump After Strong Second-Quarter Business Update
Sensex Falls 863 Points as Crude and Global Weakness Pressure Markets
Five Earnings Triggers Could Shape TCS Share Price
PC Jeweller Shares Rise After Debt-Free Status and Revenue Growth
