Shares of Reliance Power Ltd. soared 16% on May 30, reaching a 52-week high of ₹60.50, driven by strong trading volumes and positive investor sentiment. The stock has gained 31.39% in the past month, reflecting renewed confidence in the company’s growth trajectory.
Key Market Trends & Technical Indicators
- Trading Volume Surge: Over 51.5 crore shares were actively traded, marking a 245% jump compared to the previous session.
- Technical Strength: The stock is trading above all key moving averages, including the 5-day, 10-day, 20-day, 50-day, 100-day, and 200-day SMAs.
- RSI & MACD Indicators: The Relative Strength Index (RSI) stands at 78.44, signaling an overbought condition, while the MACD remains above the centerline, indicating continued bullish momentum.
Growth Drivers Behind the Rally
Reliance Power’s subsidiary, Reliance NU Energies, recently secured a Letter of Award (LOA) from SJVN Ltd. for a 350 MW solar power project, coupled with a 175 MW/700 MWh battery energy storage system (BESS). Additionally, the company has partnered with Bhutan’s Druk Holding and Investments (DHI) to develop India’s largest solar power project, a ₹2,000 crore joint venture.
Expert Predictions & Future Outlook
Market analysts suggest that ₹65 could be the next target price, with support at ₹55. A decisive move above ₹65 may trigger further upside potential toward ₹68. With India’s renewable energy sector expanding, Reliance Power is strategically positioned for long-term growth.
