Shares of Adani Power are currently undergoing a phase of profit-booking following a remarkable surge throughout the year. The stock, which hit a record high of Rs 254.15 on May 29, 2026, has since retreated by 8.2%.
This correction comes after Adani Power delivered impressive returns, including a 66% gain over three months and a 55% rally year-to-date in 2026. Over the past year, the stock has climbed 313%, and a staggering 658% over five years, attracting considerable investor interest.
Understanding the Current Market Movement
The recent pullback has seen Adani Power turn negative on its 5-day and 10-day simple moving averages, signaling short-term weakness. The stock is down 1.33% in two weeks and 1% in the past week. However, market volatility in 2026 has largely failed to dampen long-term sentiment for the power sector giant.
Factors such as Adani Power's expanding operational capacity, particularly amid heightened demand due to heatwaves, and robust quarterly and fiscal earnings, have sustained investor confidence.
Technical Outlook from Experts
Despite the recent profit-booking, technical analysts largely maintain a constructive view on Adani Power's trajectory.
Angel One's Perspective
Hitesh Rathi, Technical Analyst (Equity & Derivatives) at Angel One, noted, "Adani Power continues to remain in a strong primary uptrend, having sustained above the breakout level of Rs 180 witnessed earlier this year." Rathi highlighted a negative divergence in the 14-day Smoothed RSI, suggesting momentum hasn't fully kept pace with recent price action. While this warrants caution and could lead to intermittent consolidation, it doesn't signal a reversal. "As long as the stock continues to hold above its key support levels in the Rs 220-210 band, we expect the prevailing uptrend to remain intact. A decisive move above the Rs 250–255 resistance zone could pave the way for further upside towards our short-term target of Rs 280," he added.
Choice Broking's Analysis
Aakash Shah, Technical Analyst Technical Research at Choice Broking, commented, "Adani Power is currently consolidating near 232 after witnessing a strong vertical rally over the past few weeks." Shah emphasized that the alignment of key Exponential Moving Averages (EMAs) reflects a strong bullish structure, confirming the primary trend remains firmly upward. "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," Shah concluded.