Why Are investors Selling Shares of Adani Power? Know What Experts Say About The Stock?
Yuva Patrkaar, New Delhi : Hello Guy's! Welcome to our another new blog post. Guy's is currently under pressure to sell shares of Adani Power. Adani Power shares are trading down 18.30% on YTD basis. Last year on August 22, 2022, this stock was trending at ₹ 432.80, which is also its 52 week high level. The share price is down 42.61% from its yearly high.
Guy's Shares of Adani Power were trading at ₹249.40, down 0.62% on Monday. and closed at ₹ 245.50 on Wednesday, July 5, 2023, down 0.65 percent. At the same time, on Thursday (July 6, 2023) this share was trading at ₹ 246, up 0.28%.
Earlier this year i.e. in 2023, US-based short seller firm Hindenburg Research filed a report against the Adani group, although the Adani group denied the allegations made in the report. Although the American company GQG is investing heavily in the shares of Adani Power and Adani Group. Guy's Adani Power scrip was trading at ₹132.55 on February 28, 2023, which is its 52 week low.
If we look at Guy's technical chart, Adani Power is taking strong support near ₹231. According to experts, in the coming days Adani Power's share can also be at a price of ₹ 270. However, the stock needs to trade near the resistance of ₹258.
In this way, investors who want to bet on the shares of Adani Power. Experts are advising to keep a stoploss of ₹230 for them. And Guy's, this company has started work on thermal power plant in Godda district of Jharkhand. Consequently, there was heavy buying in the stock, which has led to expert speculation. That this share can touch the price of ₹ 270 in the coming days.
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