Adani Power shares up 2.94% as Nifty drops
Adani Power Ltd. gained 2.94 per cent to Rs 294.9 in Friday's trade. It hit a high of Rs 297.1 and low of Rs 286.4 during the session.
On the technical charts, the 200-DMA of the stock stood at Rs 251.85, while the 50-DMA was at Rs 260.61. If a stock trades above 50-DMA and 200-DMA, it usually means the immediate trend is upward. On the other hand, if the stock trades below 50-DMA and 200-DMA, it is considered a bearish trend and if trades between these averages, then it suggests the stock can go either way.
The stock traded above the signal line of momentum indicator moving average convergence divergence, or MACD, signalling a bullish bias on the counter. The MACD is known for signalling trend reversal in traded securities or indices. It is the difference between the 26-day and 12-day exponential moving averages.
A nine-day exponential moving average, called the signal line, is plotted on top of the MACD to reflect «buy» or «sell» opportunities. On the other hand, the Relative Strength Index (RSI) of the stock stands at 68.09. Traditionally, a stock is considered overbought when the RSI value is above 70 and oversold when it is below 30.
Read more on economictimes.indiatimes.com
