Reliance Power Share Price Target 2024: The stock of Reliance Power is rising in the new year of 2024. In the first four days of 2024, the stock has surged by an incredible thirty percent. Reliance Power’s stock rose 20 per cent on Thursday, marking a 52-week high under Anil Ambani’s leadership.
In the end, Reliance Power’s stock closed at Rs 30.40, up 17.15%. On Thursday, a total of 77.38 crore shares of the business were exchanged.
At the moment, the price of Reliance Power shares is greater than the moving averages for the next five, twenty, fifty, hundred, and 200 days.
Choice Broking’s Equity Research Analyst, Deven Mehata, reported that Reliance Power’s shares demonstrated resilience and upward momentum during recent high-volume trading sessions. The stock has made a successful comeback from a support area that was located near its 20-day Exponential Moving Average (EMA) at approximately Rs 23.4. The stock’s strong base is reflected in this bounce, which also suggests a favorable trend.
According to Deven, Reliance Power’s standing above significant moving averages, such as the 20-day EMA, indicates the company’s fundamental strength. One important momentum indicator, the Relative Strength Index (RSI), is rising and is presently at 78 levels.
Reliance Power is expected to take on the next resistance level, which is around Rs 32.70, according to the expert. A strong technical setup is indicated by the stock’s ability to hold above important support levels during pullbacks.
For investors that joined at lower levels, he recommended trailing stop losses with a safety net close to the crucial support level of Rs 25.10. This is a prudent strategy to risk management.
Disclaimer : The above article is meant for informational purposes only, and should not be considered as any investment advice.