Adani Power Ltd. has entered a period of consolidation following a remarkable 54% rally over the past six months. The stock surged by 44% in the first half of the year, hitting a record high of Rs 254.15 on May 29, 2026. However, it has since experienced a 16% decline, testing investor patience with only a 3% gain in the last month.
Expert Analysis on Adani Power
Despite the recent pullback, several market analysts are recommending a 'buy on dips' strategy for Adani Power, highlighting the stock's underlying strength and potential for future gains.
Jigar S Patel, Anand Rathi
Jigar S Patel from Anand Rathi noted that support for Adani Power is currently placed at Rs 202, with resistance at Rs 211. A decisive breakthrough above the Rs 211 mark could pave the way for further upward movement towards Rs 216. In the short term, the stock is anticipated to trade within the Rs 202-216 range.
Virat Jagad, Bonanza
Virat Jagad, Senior Technical Research Analyst at Bonanza, observed that Adani Power is consolidating around the Rs 205–210 levels after a prolonged correction. He highlighted that the price is near major Exponential Moving Averages (EMAs) and the Relative Strength Index (RSI) indicates neutral-to-positive momentum, supported by improved trading volumes. Jagad suggests considering fresh entry above Rs 218, setting a stop-loss at Rs 202, with price targets of Rs 230–240. A sustained move above Rs 220 would reinforce the bullish outlook.
Sachin Gupta, Choice Broking
Sachin Gupta, VP – Technical Research at Choice Broking, strongly advocated for a buy on dips approach. He pointed to a positive technical structure on the weekly timeframe following a strong range breakout. The stock is in a retracement phase, finding support near the 20-week EMA, with buying interest evident around the Rs 200 zone. Gupta emphasized that the broader trend remains constructive as the price holds above medium- and long-term moving averages. The weekly RSI at 54.69 also supports positive momentum. With the stock trading around Rs 206, he suggests accumulating on declines, particularly around the Rs 183 level, which coincides with the 50-week EMA support. As long as key weekly supports remain intact, the setup favors bulls, with a sustained move above the recent consolidation potentially triggering fresh buying momentum towards an upside target of Rs 230.
In the current session, Adani Power shares were trading 3% higher at Rs 213.90, with the firm's market capitalization standing at Rs 4.12 lakh crore. Technical indicators show the stock's RSI at 50.3, indicating it is neither oversold nor overbought. Furthermore, Adani Group's stock is trading above its 5-day, 10-day, 20-day, 30-day, 50-day, 100-day, 150-day, and 200-day moving averages.