Reliance Power share price jumps 7% despite flat Indian stock market bias. Buy, sell or hold?
Reliance Power share price jumped more than 7% in early trade on Thursday despite a flat trend in the Indian stock market. Reliance Power shares rallied as much as 7.62% to ₹ 46.87 apiece on the BSE.
The gains in Reliance Power share price comes with high trading volumes on the BSE and NSE. Around 6 crore Reliance Power shares changed hands in the Indian stock exchanges on April 24 as against its one week average trading volumes of 5 crore shares.
Meanwhile, the BSE Power index was up 0.28%, led by gains in stocks like Tata Power, Suzlon Energy, Adani Green Energy, NTPC, Siemens, JSW Energy and Adani Power.
Reliance Power share price rally also comes when the Indian stock market traded lower, breaking its seven day winning streak.
The benchmark Sensex was trading 194.77 points, or 0.24%, lower at 79,921.72, while the Nifty 50 was down by 56.75 points, or 0.23%, at 24,272.20.
On the technical charts, the Reliance Power share price remains rangebound, and analysts believe the trend to be sideways.
'Reliance Power shares are trading in a range. The stock faces resistance at its previous swing high of December at around ₹ 48 - 49 levels. Reliance Power shares have a good support at ₹ 41 level. The trend seems to be sideways,' said Ruchit Jain, Vice President, Equity Technical Research, Motilal Oswal Financial Services Ltd.
Jain suggests traders with existing positions in Reliance Power shares at lower levels to hold the stock. He does not recommend buying fresh positions in Reliance Power shares as he expects the stock to remain sideways.
Reliance Power share price has witnessed a strong rally in recent times, gaining 22% over the past month and over 20% in the last three months. On a year-to-date (YTD) basis, Reliance Power stock price is up 4%, while it has surged 68% over the past year.
Over the long term, Reliance Power share price has delivered exceptional returns, with the stock appreciating 294% in two years and an impressive 2,031% over a five-year period, marking a significant multibagger performance.
At 9:35 AM, Reliance Power share price was trading 6.08% higher at ₹ 46.20 apiece on the BSE.
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