Reliance Power share price target 2024: MASSIVE 30% RETURN in just 4 days; BUY or SELL stock of Anil Ambani’s company? (Pic: iStock/ET NOW News)
Reliance Power Share Price Target 2024: Reliance Power shares are in a uptrend in New Year (2024). The stock has rallied a whopping 30 per cent in the first four days of 2024. On Thursday, Anil Ambani led Reliance Power shares hit a 52-week high as they rallied 20 per cent.
Reliance Power shares finally closed with gains of 17.15 per cent at Rs 30.40. As many as 77.38 crore shares of the company changed hands during Thursday’s days.
Reliance Power shares are currently trading higher than 5-day, 20-day, 50-day, 100-day and 200-day moving averages.
Reliance Power Share Price Target 2024
According to Deven Mehata, Equity Research Analyst, Choice Broking said that Reliance Power shares shown strength and upward momentum in recent high-volume trading sessions. The stock has effectively recovered from a support zone around Rs 23.4, in close proximity to its 20-day Exponential Moving Average (EMA). This bounce reflects the stock’s solid base and signals a positive trend.
The position of Reliance Power above major moving averages, including the 20-day EMA, demonstrates its underlying strength, Deven said. The Relative Strength Index (RSI), a key momentum indicator, is rising and is currently at 78 levels.
The analyst said that Reliance Power is set to tackle the next resistance level, which is located at Rs 32.70. The ability of the stock to hold above critical support levels amid pullbacks suggests a good technical setup.
He suggested trailing stop losses, with a protective cushion near the important support level of Rs 25.10, are a wise risk management approach for investors who entered at lower levels.
Reliance Power Share Price History
According to BSE analytics, Reliance Power shares have climbed more than 35 per cent in just one week. The stock has rallied a whopping 63 per cent in three months.
Going by analytics, Reliance Power shares more than doubled investors money in 180 days or six months, zooming 109 per cent. In a three-year period, the counter has appreciated a massive 742 per cent.
Reliance Power is a constituent of S&P BSE SmallCap. The company has a market cap Rs 11,650.79 crore as on January 4, as per BSE website.
(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. ET NOW DIGITAL suggests its readers/audience to consult their financial advisors before making any money related decisions.)
