Reliance Power Shares Surge by 4.98% Amid Positive Market Trends

As of 12:01 PM on September 23, 2024, shares of Reliance Power were trading at ₹38.16, marking a 4.98% increase from the previous close. This was a reflection of generally positive trends in the Indian stock market, with the Sensex trading at ₹84,708.27, up 0.19%.

The technical indicators have shown that Reliance Power’s stock is trading above its short-term simple moving averages (SMA) of 5, 10, and 20 days. It is also performing well against its longer-term SMAs for 50, 100, and 300 days. The specific SMAs for various time frames are as follows: 5-day SMA at ₹32.33, 10-day at ₹31.08, 20-day at ₹31.44, 50-day at ₹30.84, 100-day at ₹29.12, and 300-day at ₹27.63.

From a pivot level analysis standpoint, the stock has significant resistance at ₹36.61, ₹36.89, and ₹37.43, while its key support levels are pegged at ₹35.79, ₹35.25, and ₹34.97. Despite the positive price movement, the trading volume till noon was 47.26% lower than the previous trading session, which analysts often consider as a vital metric, alongside price, for studying market trends.

According to a technical analysis report by Mint, a prominent business publication, the stock is demonstrating a strong bullish trend. However, in terms of fundamental analysis, the company has a negative return on equity (ROE) of -19.32%. As of the June quarter, Reliance Power’s shares are held 23.24% by promoters, 2.67% by mutual funds (MF), and 7.59% by foreign institutional investors (FII). Notably, the FII holding decreased from 7.89% in March to 7.59% in June.

Reliance Power’s positive performance aligns with similar upward trends observed in its peers, though specific peer performances were not detailed. Meanwhile, broader indices such as Nifty and Sensex reported growth of 0.28% and 0.19%, respectively.