Analysts view of Reliance Power shares

According to analysts at Choice Broking, RPower has recently shown considerable strength and upward momentum in trading sessions marked by high volume, indicating the potential for further uptrend and instilling confidence in investors. The stock's solid recovery, favourable positioning above key averages and rising momentum suggest a promising outlook for those tracking RPower in the stock market.

“Currently trading at approximately 29.95, the stock has effectively bounced back from a support zone near 23.4, closely aligning with its 20-day Exponential Moving Average (EMA). This recovery not only indicates the stock's resilience but also signals a positive trend in its trajectory,” says Deven Mehata, Equity Research Analyst at Choice Broking.

“The noteworthy aspect is RPOWER's positioning above key moving averages, including the 20-day EMA, highlighting its inherent strength. The Relative Strength Index (RSI), a significant momentum indicator, is on the rise and currently stands at 65 levels,” he says.

The analyst believes that RPower is poised to confront its next challenge at the resistance level of 37. “The stock's ability to maintain its position above crucial support levels during pullbacks underscores a solid technical setup. For investors who entered at lower levels, employing trailing stop losses with a protective buffer near the important support level of 25 is a prudent risk management strategy.”

Analyst at Prabhudas Lilladher says, “The stock has resisted near the 33 zone after the recent rise witnessed and with some profit booking seen thereafter has slipped to 28 levels with bias looking weak to some extent.”

“The near-term support lies near the 27.50 zone where it can find some consolidation and expect some recovery. Upside would need a decisive breach above 33 levels to trigger for a breakout and anticipate further rise with the next target of 36 and 44 levels visible. At the same time, our view shall get negated and the trend would turn weak only after a decisive breach below the 27 zone is confirmed,” the brokerage adds.

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