Adani Power Ltd Hits Intraday Low Amid Price Pressure on 23 Jan 2026

Intraday Performance and Price Movement

On the trading day, Adani Power Ltd's share price fell by 3.27%, underperforming its sector by 1.33%. The stock touched a day low of Rs 136.65, marking a 2.95% drop from its previous close. This decline followed two consecutive days of gains, signalling a reversal in short-term momentum. The stock's performance contrasted sharply with the broader market, where the Sensex declined by 0.39%, closing at 81,987.33 points after a flat opening.

Adani Power's one-day performance of -4.26% notably lagged the Sensex's -0.49%, while its one-week and one-month declines of -5.54% and -6.49% respectively also outpaced the benchmark's losses of -2.00% and -4.24%. Over the three-month period, the stock's fall of 18.45% was significantly steeper than the Sensex's 3.14% drop, highlighting sustained pressure on the share price in recent months.

Technical Indicators and Moving Averages

From a technical perspective, Adani Power's share price remains above its 200-day moving average, indicating a longer-term support level. However, it is trading below its 5-day, 20-day, 50-day, and 100-day moving averages, reflecting short- to medium-term weakness. This positioning suggests that while the stock has not breached its long-term trend, recent trading activity has been subdued, with resistance encountered at multiple moving average levels.

Market Sentiment and Sector Context

The broader market environment contributed to the stock's decline. The Sensex opened flat but soon turned negative, losing 348.61 points during the session. Notably, the Sensex is trading below its 50-day moving average, although the 50-day average remains above the 200-day average, indicating mixed signals for market direction. Additionally, the NIFTY Realty index hit a new 52-week low on the same day, reflecting sector-specific pressures that may have influenced investor sentiment across related industries, including power.

Longer-Term Performance and Market Capitalisation

Despite recent volatility, Adani Power Ltd has delivered strong returns over extended periods. The stock has appreciated by 29.24% over the past year, outperforming the Sensex's 7.03% gain. Over three years, the stock surged 146.66%, and over five years, it recorded an impressive 1175.31% increase, far exceeding the Sensex's 67.56% rise. Over a decade, the stock's growth of 2328.83% dwarfs the benchmark's 235.17% appreciation, underscoring its historical strength within the power sector.

However, year-to-date performance shows a decline of 5.73% for Adani Power, compared with a 3.89% drop in the Sensex, indicating that the stock has faced headwinds in the current calendar year.

Mojo Score and Rating Update

Adani Power Ltd holds a Mojo Score of 51.0, categorised as a 'Hold' grade. This represents an improvement from its previous 'Sell' rating, which was updated on 31 Jul 2025. The Market Cap Grade remains at 1, reflecting the company's market capitalisation relative to its peers. The rating change suggests a stabilisation in the stock's outlook, although the current intraday weakness highlights ongoing challenges in sustaining upward momentum.

Immediate Pressures and Market Dynamics

The stock's decline today can be attributed to a combination of factors including profit-taking after recent gains, technical resistance at key moving averages, and a cautious market mood amid broader index weakness. The underperformance relative to the sector and benchmark indices indicates that investors are weighing near-term risks more heavily. The power sector's sensitivity to regulatory developments, commodity price fluctuations, and demand patterns may also be contributing to the subdued sentiment.

Summary of Market Conditions Impacting Adani Power Ltd

The broader market environment on 23 Jan 2026 was characterised by a negative trend after a flat start, with the Sensex retreating below its 50-day moving average. This environment has exerted downward pressure on stocks sensitive to cyclical and sector-specific factors, including Adani Power Ltd. The stock's intraday low and overall decline reflect a cautious stance among market participants, who are responding to both technical signals and prevailing market sentiment.

While the stock remains above its long-term moving average, the failure to sustain gains above shorter-term averages suggests that immediate resistance levels are proving challenging. This dynamic, combined with the broader index weakness and sector headwinds, has contributed to the day's price pressure.

Conclusion

Adani Power Ltd's intraday low of Rs 136.65 on 23 Jan 2026 highlights the stock's vulnerability to short-term market fluctuations and technical resistance. The decline amid a weakening Sensex and sector pressures underscores the complex interplay of factors influencing the stock's performance. While the company maintains a Hold rating with a Mojo Score of 51.0, the current trading session reflects a cautious market environment that has weighed on the share price.

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