Adani Power Declines 2.98% Amid Mixed Signals and Market Pressure

28 September 2026: Intraday Low Amid Price Pressure and Open Interest Surge

Adani Power began the week under pressure, closing at Rs.196.30, down 3.30% from the previous close. The stock hit an intraday low of Rs.195.40, reflecting a 3.74% drop intraday. This decline was sharper than the Sensex’s 1.60% fall, signalling relative weakness. The power sector also declined by 2.33%, indicating sector-wide headwinds.

Technical indicators showed the stock trading above its 200-day moving average but below shorter-term averages, suggesting short-term resistance despite long-term support. The Moving Average Convergence Divergence (MACD) and Bollinger Bands presented mixed signals, with weekly indicators mildly bearish and monthly indicators bullish.

Notably, derivatives activity surged with open interest rising 12.12% to 99,665 contracts, despite the stock’s price decline. This increase in open interest alongside falling prices often indicates new short positions or hedging activity. Delivery volumes fell sharply by 44.02%, suggesting reduced conviction among long-term holders. The futures and options segments showed robust liquidity, with notional values of ₹1,71,964 lakhs and ₹28,696.83 crores respectively.

29 September 2026: Exceptional Volume Surge Amid Narrow Price Range

The stock saw a significant volume spike to 1.96 crore shares, with a traded value of approximately ₹382.87 crores. Delivery volume rose 63.02% to 1.25 crore shares, indicating renewed investor interest. Despite this, the price gained a modest 0.25%, closing at Rs.196.80, within a narrow trading range.

Adani Power outperformed the Sensex, which declined 0.48%, and the power sector, which fell 0.15%. The stock remained above its 200-day moving average but below other short- and medium-term averages, reflecting a consolidation phase. The recent upgrade in Mojo Grade from Sell to Hold with a score of 57.0 underpinned cautious optimism amid mixed technical signals.

Accumulation signals were evident, with investors quietly building positions without significant price spikes. This measured buying amid high volume suggests anticipation of potential catalysts, though resistance at key moving averages persisted.

30 September 2026: Intraday High and Strong Outperformance

Adani Power rebounded strongly, surging 3.58% intraday to a high of Rs.203.95 and closing at Rs.203.85, a 3.25% gain on the day. This performance outpaced the Sensex’s 0.47% rise and the power sector’s 0.37% gain, signalling robust buying momentum.

The stock traded above its 5-day and 200-day moving averages, indicating short- and long-term support, though it remained below medium-term averages. Technical indicators showed a mildly bullish daily trend despite mixed weekly and monthly signals. The Mojo Score remained at 57.0 with a Hold rating, reflecting cautious optimism.

This rally marked two consecutive days of gains, accumulating a 3.52% return over the period. The strong intraday move amid a recovering market highlighted the stock’s relative strength and potential resilience amid broader market caution.

1 October 2026: Renewed Selling Pressure and Intraday Low

The stock reversed course, falling 3.38% to close at Rs.196.95, with an intraday low of Rs.197.55. This decline was sharper than the power sector’s fall and the Sensex’s 0.99% drop, indicating renewed selling pressure.

Adani Power remained above its 200-day moving average but below shorter-term averages, signalling short-term momentum loss despite long-term support. The Sensex approached its 52-week low, trading below key moving averages, which contributed to the cautious market sentiment.

Technical indicators presented a mixed picture, with mildly bearish weekly MACD and Bollinger Bands but bullish monthly signals. The Mojo Score of 57.0 and Hold rating reflected a neutral stance amid this volatility.

Daily Price Comparison: Adani Power vs Sensex

Key Takeaways

Adani Power’s week was characterised by significant volatility, with the stock experiencing sharp intraday swings and a net weekly decline of 2.98%. Despite this, it marginally outperformed the Sensex’s 3.20% fall, reflecting relative resilience amid a challenging market.

The surge in derivatives open interest on 28 September amid falling prices suggests active repositioning by traders, possibly building short positions or hedging. The exceptional volume on 29 September, coupled with a modest price gain, indicated accumulation and renewed investor interest.

The strong intraday rally on 30 September demonstrated the stock’s capacity for short-term rebounds, supported by technical indicators showing long-term support above the 200-day moving average. However, the subsequent decline on 1 October highlighted persistent short-term resistance and market caution.

Technical indicators remain mixed, with daily moving averages mildly bullish but weekly and monthly signals showing a blend of bearish and bullish tendencies. The Mojo Score of 57.0 and Hold rating reflect this nuanced outlook, balancing the company’s large-cap stature and historical outperformance against recent volatility.

Broader market weakness, with the Sensex nearing its 52-week low and trading below key moving averages, has exerted downward pressure on the stock. Sectoral headwinds in power generation and distribution further contributed to the cautious sentiment.

Conclusion

Adani Power Ltd’s performance over the week ending 2 October 2026 illustrates a stock navigating a complex market environment marked by volatility, mixed technical signals, and sectoral challenges. While the stock’s long-term fundamentals and large-cap status provide a foundation of support, short-term price action has been uneven, reflecting broader market caution.

The surge in derivatives activity and exceptional volume highlight active market participation and potential for near-term volatility. Investors and market participants should continue to monitor technical developments, sector trends, and broader market cues to better understand the stock’s trajectory in the coming weeks.

Overall, the week’s price movements and market dynamics underscore the importance of a balanced approach, recognising both the stock’s resilience and the challenges posed by current market conditions.

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