Adani Power Limited (ADANIPOWER) Stock - Complete Technical Analysis - Sep 03, 2024

Adani Power Technical Analysis: Key Levels

Disclaimer: This analysis is for informational purposes only and should not be considered financial advice. Investing in stocks involves risks, and it's essential to conduct thorough research or consult with a financial advisor before making investment decisions.

Let's dive into the technical analysis for Adani Power Limited (ADANIPOWER). Currently trading at 659, the stock displays a mix of bullish and bearish signals from various technical indicators.

Starting with trend indicators, the Average Directional Index (ADX) is at 32.17, indicating a strong trend. The MACD is negative, suggesting bearish momentum, while the RSI is around 42.66, which indicates the stock is in a neutral to bearish phase. The Stochastic %K is at 35.63, showing a potential oversold condition, but it hasnt yet reached the extreme oversold zone.

Moving averages paint a mixed picture. The stock is below its 10-day and 20-day Exponential Moving Averages (EMA) but above its 50-day EMA, suggesting short-term weakness while still holding some longer-term support. The 200-day EMA is significantly lower than the current price, providing a potential long-term support level.

For support and resistance levels, the Classic Pivot Point is 668.32. Immediate support can be observed around 583.73 and major support at 535.42. On the resistance side, key levels are at 716.63 and significant resistance at 801.22.

Chart patterns are showing a consolidation phase, with the stock trading around the Hull Moving Average (HMA) of 648.95. The Ichimoku Base Line at 686.45 adds to the resistance zone, aligning with other moving averages and pivot points.

In summary, while ADANIPOWER is experiencing some bearish pressure in the short term, longer-term indicators and support levels suggest potential for stability or a rebound. Traders should watch for a break above resistance levels for bullish signals or a drop below key support for further bearish movements.