Reliance Power Stock Update: Mixed Trading Day Shows Slight Rise

On August 30, 2024, Reliance Power experienced a modest increase in its share price, closing at ₹30.6, which reflects a 0.1% uptick from the previous day’s closing figure of ₹30.57.

During the trading session, Reliance Power opened at ₹31.41 and made a slight retreat to close at ₹31.28. Throughout the day, the stock reached a high of ₹31.5 before dipping to a low of ₹30. The company currently holds a market capitalization of ₹12,279.88 crore, with a trading volume of 8,809,568 shares recorded on the Bombay Stock Exchange (BSE).

In terms of its performance over the past year, the stock has experienced a 52-week range, with a peak at ₹38.07 and a trough at ₹15.53. Comparatively, other companies in the sector showed mixed results, with Nava and Jaiprakash Power Ventures reporting declines while Waaree Renewable Technologies and Kpi Green Energy demonstrated gains.

In the broader market context, the benchmark indices Nifty and Sensex registered modest increases of 0.33% and 0.28%, respectively, indicating a stable trading environment.

Key support and resistance levels for Reliance Power are identified on the daily time frame, with support levels at ₹30.18, ₹29.78, and ₹29.24, while resistance levels are established at ₹31.12, ₹31.66, and ₹32.06.

Market analysts highlight that if Reliance Power crosses the support level of ₹30.55, further bearish movements may be anticipated, while crossing the resistance level of ₹31.4 may lead to bullish trends.