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Reliance Power shares have been in an uptrend for the past one week. After bottoming out around $20 each on March 13, 2024, Reliance Power share price ended at $26.30 per share on Friday of last week. So, in the last seven consecutive sessions, shares of this Anil Ambani-backed company have risen more than 30 per cent. Out of the five sessions last week, Reliance Power share price touched the upper circuit in four sessions. The only session when Reliance Power share price failed to fix itself in the upper circuit was on Tuesday.
According to stock market experts, Reliance Power shares are soaring these days on fresh rumors that the Anil Ambani-backed company has settled its dues with ICICI Bank, Axis Bank and DBS Bank. News claims that now only one working capital loan from IDBI Bank remains on its books. They said part of the credit for the recent rally in Reliance Power’s share price can be attributed to Reliance Commercial Finance’s capital infusion move. They said that Reliance Power share price today has strong support placed at $22 each while facing an obstacle in the $30 per action mark. By overcoming this immediate hurdle, the Reliance Power share price may skyrocket to the tune of $34 per action level.
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Reliance Power Stock Triggers
Talking about the factors that are driving Reliance Power shares, Parth Shah, Research Analyst at StoxBox, said, “Reliance Power shares have risen amid its concentrated efforts to reduce debt and improve its business and financial viability. The stock has reacted positively to reports that the company has cleared its dues with ICICI Bank, Axis Bank and DBS Bank, with only a working capital loan from IDBI Bank remaining on its books.”
“Furthermore, the recent earnings have been supported by the capital infusion and investment proposal from Reliance Commercial Finance, which has raised hopes of a revival in the company’s fortunes. We feel that the company’s efforts are going in the direction right at a time when there are “There are abundant opportunities in the energy sector. We believe the company’s efforts will help it pursue growth initiatives and should begin to be reflected in business and financial performance in the future,” added the StoxBox expert.
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Reliance Power share price target for 2024
When asked about the technical outlook for Reliance Power stock, Sumeet Bagadia, CEO, Choice Broking, said, “Reliance Power shareholders can hold the bonus by keeping the stop loss at $22 each level. Stock faces resistance in $30 each level. By overcoming this hurdle, Reliance Power share price may rise to $34 per share in the short term.”
Disclaimer: The opinions and recommendations above are those of individual analysts, experts and brokerage firms, not those of Mint. We advise investors to consult certified experts before making any investment decisions.
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Posted: Mar 23, 2024, 2:23 PM IST