Buy or sell stock: Reliance Power shares hit upper circuit. Rises 35% in eight days
Buy or sell stock: Reliance Power shares have been in an uptrend for more than a week. After bottoming out at nearly ₹20 per share level, this Anil Ambani-backed company's stock price has been hitting the upper circuit regularly. Since last Monday, Reliance Power share price has touched the upper circuit on all sessions except on Tuesday last week.
Reliance Power shares ended at ₹20.40 apiece on 13th March 2024. It witnessed strong buying interest on 14th March and that interest has been continuing till date. In the last eight straight sessions, Reliance Power share price has ascended from ₹20.40 to ₹27.60 apiece levels on NSE, logging around 35 percent appreciation in this time.
Reliance Power share price today opened upside and went on to touch an intraday high of ₹27.60 per share, locking in a 5 percent upper circuit within a few minutes of the stock market's opening bell. According to stock market experts, Reliance Power shares are ascending on the buzz that the Anil Ambani-backed company has settled its dues with ICICI Bank, Axis Bank, and DBS Bank. They said that fresh capital infusion news is also a reason for the rise in Reliance Power share price.
They advised Reliance Power shareholders to hold the scrip maintaining stop loss at ₹22. The stock may go up to ₹34 on breaching the hurdle placed at ₹30 on a closing basis. On reasons that are fueling Reliance Power share price today, Parth Shah, Research Analyst at StoxBox said, "Reliance Power shares are ascending on debt reduction buzz.
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