Adani group multibagger share up 300% this year. What causes the surge? | Rare Techy

According to stock market experts, the share price of Adani Power appreciated due to high demand and consumption of power. They say that the stock has been rising and due to the development of these fundamentals and the positive Q1 results, the stock has become more bullish and it may rise to ₹475 levels each in the short term.

Speaking about the reasons behind Adani Power’s share price, Avinash Gorakshkar, Head of Research at Profitmart Securities said, “Adani Power has been on an uptrend after entering 2022. After that the demand and consumption of power went north due to the arrival of summer. Among other things, the company has reported positive quarterly results which further acted as a catalyst for the stock’s rally.So, these are the short-term fundamentals driving the stock of this multibagger Adani group today.

Expecting the next rally in Adani Power’s share price, Sumeet Bagadia, Executive Director at Choice Broking said, “The stock is in an uptrend and it looks further bullish on the chart pattern. People who have this stock in their portfolio can hold the stock for short. The target term of ₹475 per share to protect the stop loss at ₹390 levels each”.

Adani Power shares are one of the multibagger stocks that the Indian stock market has produced in 2022. The stock has given strong upside despite the Indian and global markets reeling under selling out due to the heat after the outbreak of the Russia-Ukraine war. The multibagger’s stock has delivered around 45 per cent in the last one month while in the last six months, it has given more than 250 per cent return to its shareholders.

Disclaimer: The opinions and recommendations made above are those of individual analysts or brokerage firms, and not of Mint.