Adani Power Technical Momentum Shifts Amid Mixed Indicator Signals

Overview of Price Movement and Market Context

As of 24 Nov 2025, Adani Power's stock price closed at ₹149.15, down from the previous close of ₹151.45. The intraday range saw a high of ₹151.50 and a low of ₹148.80, positioning the stock comfortably above its 52-week low of ₹86.17 but below the 52-week high of ₹182.75. This price action reflects a consolidation phase following a period of significant gains over the past year.

Comparatively, Adani Power's returns have outpaced the broader Sensex benchmark across multiple time horizons. Year-to-date, the stock has recorded a return of 40.93%, substantially higher than the Sensex's 9.08%. Over one year, the stock's return stands at 56.62%, while the Sensex posted 10.47%. Longer-term performance also highlights the stock's robust growth, with a three-year return of 125.10% versus the Sensex's 39.39%, and a remarkable five-year return of 1862.50% compared to 94.23% for the Sensex. The ten-year return further emphasises this trend, with Adani Power at 2475.99% against the Sensex's 229.48%.

Technical Indicator Analysis: MACD and RSI

The Moving Average Convergence Divergence (MACD) indicator remains bullish on both weekly and monthly timeframes, signalling that the underlying momentum retains strength despite recent price fluctuations. This suggests that the stock's medium-term trend continues to favour upward movement, supported by positive momentum in the underlying price action.

Conversely, the Relative Strength Index (RSI) on weekly and monthly charts does not currently emit a clear signal. The absence of RSI extremes indicates that the stock is neither overbought nor oversold, implying a balanced momentum that could pivot in either direction depending on forthcoming market catalysts.

Moving Averages and Bollinger Bands: Mildly Bullish Signals

Daily moving averages for Adani Power show a mildly bullish stance, reflecting a cautious optimism among traders. This is complemented by Bollinger Bands on both weekly and monthly charts, which also indicate a mildly bullish environment. The bands suggest that price volatility remains contained within a moderate range, with no immediate signs of breakout or breakdown.

Contrasting Signals from KST and Dow Theory

The Know Sure Thing (KST) indicator presents a mixed picture. On a weekly basis, it remains bullish, supporting the notion of positive momentum in the near term. However, the monthly KST shows a mildly bearish signal, suggesting some caution for longer-term investors. This divergence highlights the importance of considering multiple timeframes when analysing Adani Power's technical outlook.

Dow Theory, a classical method for trend confirmation, currently shows no definitive trend on either weekly or monthly charts. This neutral reading aligns with the subdued signals from RSI and On-Balance Volume (OBV), both of which also indicate no clear trend. The lack of confirmation from these indicators suggests that the stock may be in a phase of consolidation or awaiting a catalyst to establish a more decisive direction.

Volume and On-Balance Volume (OBV) Insights

On-Balance Volume, a volume-based indicator used to assess buying and selling pressure, shows no discernible trend on weekly or monthly charts for Adani Power. This absence of volume momentum may imply that market participants are currently indecisive, with neither buyers nor sellers dominating the stock's trading activity. Such a scenario often precedes a significant price move once volume picks up.

Implications for Investors and Market Participants

The technical landscape for Adani Power is characterised by a shift from a previously bullish trend to a mildly bullish stance, accompanied by mixed signals across various indicators. The sustained bullish MACD readings suggest underlying momentum remains intact, yet the neutral RSI and Dow Theory readings counsel prudence. Investors may wish to monitor the stock closely for confirmation of trend direction, particularly through volume changes and moving average behaviour.

Given the stock's strong historical returns relative to the Sensex, the current technical signals could represent a period of consolidation before a potential resumption of upward momentum. However, the mildly bearish monthly KST and neutral volume indicators highlight the need for careful analysis and risk management.

Summary and Outlook

Adani Power's technical parameters have undergone a revision in market assessment, reflecting a more cautious but still positive momentum profile. The interplay of bullish MACD and KST signals with neutral RSI, Dow Theory, and OBV readings suggests a market environment that is balanced yet poised for potential directional movement. Investors should consider these mixed signals in the context of the stock's strong long-term performance and current price consolidation.

Monitoring key technical levels, volume trends, and broader market conditions will be essential for anticipating the next phase in Adani Power's price trajectory. The stock's position within the power sector and its historical outperformance relative to the Sensex provide a backdrop of resilience, even as short-term technical indicators call for measured attention.

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