Technical Analysis Adani Power

The stock

is currently trading around 140.11. Looking at the long-term view 2022–2026 the stock is in a broad uptrend characterized by higher highs and higher lows. However in the short term it is experiencing a consolidation phase after hitting a peak near 180. Immediate resistance there is a strong supply zone around 160 – 180. Every time the price reaches this area it faces selling pressure. Recently support the price is currently resting near a psychological support of 135 – 140. Major support if the current level breaks the next big support is around 106.15. The stock shows sharp spikes followed by deep corrections. This indicates high volatility typical of power sector stocks. The latest candles show a downward tilt suggesting that the sellers are currently more active than the bulls buyers. The stock needs to stabilize above 140 to regain strength. Technical analysis is based on historical patterns and does not guarantee future results. Always use a Stop-Loss to manage your risk.