Adani Power shares hit lower circuit. Good time to buy now ??

 

After hitting lower circuit on two successive sessions, Adani Power share price witnessed some recovery on Thursday session and ended around 1.5 % higher at 395.40 on NSE. dani Power share price today opened downside at 390 and was trading at 378 till noon.According to stock market experts, Adani Power shares have been put in stage four of ASM surveillance by the market regulator Securities and Exchange Board of India or SEBI. They said that SEBI has done this to contain speculation and high volatility in the stock to ensure safety of retail investors' money.

                              
                           Stock Market experts maintained that in near term, Adani Power share price may not give big upside or downside movement but it is expected to witness low volume of trade leading to some more decline in the counter. However, they maintained that the stock is a quality stock and power theme is expected to attract bulls in short to medium term and positional investors have a good opportunity to take position in this multibagger stock of 2022 at lower levels. A buy is recomended if if goes further down to 325 to 335 level. Looking to market rally by adani stocks this stock may give good returns in near future. speaking to livemint.com, on the recent decline in Adani Power share price, Avinash Gorakshkar, Head of Research at Profitmart Securities said, "Taking cognizance of high volatility and speculations in Adani Power shares, SEBI put this Adani group stock in stage four of ASM surveillance on Monday. 

                                      

Friday trading chart of Adni power

                            This decision by the market regulator squeezed trade volume of the stock on Tuesday and Wednesday, which resulted in lower circuit hit. However, Adani Power is a quality stock and power theme is going to work in next one to two years because demand in the sector is rising 5-6 per cent per annum and no new big investment has happened in the sector in last one decade. So, demand-supply constraint is going to work in favour of quality power stocks like Adani Power." Advising positional investors to wait for some more correction in Adani Power shares, Sumeet Bagadia, Executive Director at Choice Broking said, "Adani Power share price is in the range of ₹350 to ₹425. The stock is facing strong resistance at ₹425 and it is unlikely for the stock to break this hurdle after SEBI's move. So, Adani Power share price may correct towards ₹350 levels, which would be a good buying range for the short to medium term investors. One can buy this Adani group stock in ₹335 to ₹360 apiece range maintaining stop loss at ₹320 per share levels. Adani Power share price today has opened downside and hit intraday low of ₹372.45 apiece levels, hitting 5 per cent lower circuit on Friday early morning deals. It is one of the multibagger stocks that Indian stock market has produced in 2022. Adani Power shares have delivered 280 per cent return to its shareholders in year-to-date time.

#Adanipower #Stockmarket #stockprice #adnipowershareprice

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, inputs taken from mint.com.

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