Reliance Power Ltd. resumed its upward trend after a nearly 6% decline on Tuesday. The decline came after the shares hit a fresh life high this week. Anil Ambani-led Reliance Power shares rallied as much as 8.09% to touch a new high of Rs 62.80 apiece on Monday. This was after the shares rose nearly 16% on Friday, taking last week’s gain to 21%. In the last five sessions, the shares have risen 40.41%, while they were up 4.87% so far this week alone. The shares have risen 52.79% since May.
In addition, trading volumes were also high on Wednesday. Approximately 60.71 lakh shares worth Rs 36.95 crore changed hands in three block deals on the NSE.
Reliance Power Order Win
The surge follows the announcement of a major renewable energy project win last month. Reliance NU Energy Pvt., an arm of Reliance Power, received a Letter of Award from SJVN Ltd. for a 350 MW inter-state transmission system-connected solar power project coupled with a 175 MW/700 MWh Battery Energy Storage System. This will add 600 MW of solar DC capacity and 700 MWh of battery energy storage system capacity to Reliance Power’s portfolio.
After the order win, the company’s total clean energy pipeline stands at 2.4 GW of Solar DC capacity and over 2.5 GWH of BESS capacity.
Should You Buy, Sell Or Hold Reliance Power Shares?
According to Kranthi Bathini, director of equity strategy at WealthMills Securities, the stock, which has been a long-term wealth destroyer, has been rallying on the back of sectoral tailwinds. “The stock is in the momentum zone, or it is in a speculatory zone,” he added. While the stock is for high-risk appetite investors, one can continue to hold the stock since momentum is ongoing and after a long gap there is positive activity in the stock.
From a technical standpoint, Reliance Power has rallied to Rs 60 after a 161-day cup-and-handle breakout at Rs 48 and is now consolidating, digesting the sharp momentum, said Anshul Jain, head of research at Lakshmishree Investments.
“This healthy pause is expected to continue for another one to two weeks, allowing daily and weekly moving averages to catch up,” added Jain. However, once the consolidation completes, the stock is well-positioned to resume its uptrend, he added. He expected the next target placed at Rs 79.
He also pointed that the structure remains strong and is indicating a continued bullish momentum post consolidation.
Shares of Reliance Power rose as much as 5.45% to Rs 62.10 apiece, the highest level since June 2. It pared gains to trade 2.70% higher at Rs 60.48 apiece, as of 11:15 a.m. This compares to a 0.16% advance in the NSE Nifty 50.
It has risen 146.98% in the last 12 months and 42.04% year-to-date. Total traded volume so far in the day stood at 2.8 times its 30-day average. The relative strength index was at 69.33.
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