Shares of Adani Power, India's largest power sector company by market capitalization, have entered a consolidation phase after a remarkable rally that significantly boosted investor wealth. The stock, which reached a record high of Rs 254.15 on May 29, 2026, has experienced a slight pullback, falling 4% in the past week and 7.22% over two weeks.
Despite this recent profit-booking, Adani Power stock has demonstrated impressive long-term performance. It has surged 115% from its 52-week low of Rs 105.66 recorded on June 20, 2025. Over the last year, the stock has gained 101%, while three-year returns stand at 311%, and five-year returns a staggering 644%.
Analyst Outlook and Price Targets
Market experts view the current consolidation as a healthy adjustment rather than a trend reversal, with potential for further upside.
- Aakash Shah, Technical Analyst at Choice Broking, noted that Adani Power is consolidating near the Rs 232 mark. He stated, "The current consolidation phase may help build a fresh base for the next move. As long as Adani Power sustains above the Rs 222–220 support zone, the overall outlook remains positive. A decisive breakout above Rs 245 could reignite momentum and potentially drive the stock towards the Rs 270 zone in the coming weeks."
- Virat Jagad, Sr. Technical Research Analyst at Bonanza, highlighted that the Relative Strength Index (RSI) remains in bullish territory, indicating favorable momentum. He believes the stock has the potential to advance towards Rs 248 and Rs 260 in the coming weeks, provided the prevailing uptrend remains intact.
- Jigar Patel from Anand Rathi identified support at Rs 215 and resistance at Rs 240. He suggested that a decisive breakout above Rs 240 could open the door for further upside towards Rs 250, with the short-term trading expected within the Rs 215–Rs 250 range.
On the technical front, the stock's RSI stands at 52.1, indicating it is neither oversold nor overbought. While currently trading lower than its 5-day, 10-day, and 20-day moving averages, it remains above its 30-day, 50-day, 100-day, 150-day, and 200-day moving averages, suggesting underlying strength.
In recent trading, Adani Power shares were largely flat at Rs 224.60, with the firm's market capitalization standing at Rs 4.33 lakh crore. A total of 11.47 lakh shares changed hands on BSE, amounting to a turnover of Rs 26.07 crore.