Adani Power stock: key targets, supports, RSI in 2026

What’s moving Adani Power stock right now

Adani Power shares have delivered sharp gains over the past year, even as the broader market turned weaker. The stock has risen about 100% in a year and added 55% in the last three months, according to the data cited. Over the same one-year period, the Sensex slipped 7%, highlighting the stock’s relative outperformance. The stock also remains well above its 52-week low, with a gain of 110% from that level at the current market price.

The recent price action has shifted focus from returns to levels: where the stock may find support, and where resistance could cap near-term upside. Technical analysts cited in the report describe the structure as bullish in the medium term, but with consolidation after a sharp rally.

Price snapshot and recent trading levels

Exchange data in the report showed Adani Power’s last traded price at Rs 220.13, down 0.05% from the previous close of Rs 220.24. The stock opened at Rs 222.30. Another price reference in the same set of updates put the share price at Rs 224.78 on May 21, 2026 at 10:00 AM IST, up 2.07% versus Rs 219.09.

The stock hit a record high of Rs 234.35 on May 5, 2026, and later slipped about 6% from that high after the sharp run-up. Momentum indicators cited in the report showed RSI near 60, a level typically interpreted as positive momentum but not necessarily overbought.

How the rally unfolded on charts

Hitesh Tailor, Technical Research Analyst at Choice Broking, said the rally strengthened after the stock broke above a key resistance zone near Rs 180, supported by rising volumes. He described the sharp upward move from lower levels as a “flagpole,” followed by consolidation that resembles a “pennant” pattern on the daily chart. In classical chart reading, a pennant after a flagpole is often treated as a continuation setup, provided supports hold.

Tailor added that the stock is consolidating after hitting highs near Rs 234 while holding above an important support zone around Rs 212 to Rs 210. He also flagged that this band aligns with the 20-day EMA support. With RSI near 60, he sees momentum as positive, and said the bullish bias could remain intact as long as the stock sustains above Rs 210, with potential upside toward Rs 230 to Rs 235.

Key support and resistance levels highlighted by analysts

Jigar Patel from Anand Rathi advised booking profit and placed support at Rs 208 and resistance at Rs 229. Patel said a decisive breakout above Rs 229 could open the door for an upside toward Rs 235. For the short term, he expects the stock to trade in the Rs 208 to Rs 235 range.

Virat Jagad, Senior Technical Research Analyst at Bonanza, said Adani Power remains in a strong medium-term uptrend after a sharp rally from the Rs 150 to Rs 160 zone. He noted consolidation near a Rs 220 to Rs 230 resistance band, and attributed the pullback to profit booking rather than a reversal. Jagad placed immediate support around Rs 210, with a stronger demand zone near Rs 195 to Rs 200, and said a sustained move above Rs 230 can trigger upside toward Rs 245 to Rs 250 in the coming weeks, as long as the stock sustains above Rs 200.

Record highs and what they signal for sentiment

The report also referenced an earlier all-time high of Rs 216.50 on April 22, 2026, when the stock closed at Rs 215.65, up Rs 12.67 from the previous session. On that day, 43 million shares changed hands across NSE and BSE combined, according to exchange data cited. The stock surged 44% in April alone in that period, pushing market capitalisation past Rs 4.15 lakh crore for the first time.

Subsequently, the stock made a higher record high of Rs 234.35 on May 5, 2026, suggesting momentum continued beyond the April peak. The sequence of new highs, followed by a modest pullback, fits the “rally then consolidation” pattern described by technical commentators.

Valuation markers cited alongside the price rally

At Rs 215.65 (April 22 close), Adani Power traded at a trailing P/E of 34.7x and EV/EBITDA of 21.6x, per Dhan and MarketsMojo data cited. The report also pointed to Adani Power’s 5-year average P/E of 11.43x, and said the then-current multiple represented a 204% premium to that historical norm.

Those valuation markers matter because the report separately flagged that “upcoming results will challenge lofty pricing after richer market assumptions.” In other words, with a higher multiple, incremental price moves can become more sensitive to earnings delivery and guidance.

Where analyst targets and “fair value” estimates stand

The report carried multiple target and fair value references from analysts, reflecting updates to inputs such as revenue growth, profit margins, discount rate and future P/E. One update said analysts now place a price target at Rs 208, raised from Rs 180, based on updated assumptions. Another line said analysts kept a fair value estimate steady at Rs 180.14 per share, citing largely unchanged assumptions.

It also referenced a fair value near Rs 180 per share versus roughly Rs 182 earlier, and another estimate at Rs 182.17 per share, with variations attributed to marginal tweaks in discount rate and forward valuation assumptions. Separately, the text included references to fair value targets of Rs 685 and Rs 718.25, presented as consensus price target updates tied to future P/E and discount rate assumptions. Because these figures appear alongside the other targets without additional context, readers should treat them as distinct target-series references rather than a single unified consensus.

What the 2026 target range looks like in the report

A dedicated section in the source text said: analyst targets range from Rs 177 to Rs 230. It added that technical analysts set Rs 210 to Rs 230 as the near-term target, with a stop-loss at Rs 160. The report also said an international brokerage initiated coverage with an Outperform rating and a Rs 177 target on March 25, and that the stock crossed that level by April 14.

It also mentioned a bear-case Fibonacci support level at Rs 103 “if summer demand disappoints.” This is framed as a downside scenario marker rather than a base case forecast.

Key data table: prices, levels, and indicators

Market impact: what traders are watching next

The immediate market impact is visible in how the stock is being traded around well-defined bands. Multiple analysts converged around the Rs 208 to Rs 210 region as a key support area for the short term, while Rs 229 to Rs 235 is repeatedly cited as the next resistance zone. That combination often leads to range-bound action, especially after a sharp rally, as traders book profits and reassess risk.

Separately, the valuation snapshot of 34.7x trailing P/E versus a 5-year average of 11.43x, as cited for April 22, places results and forward commentary in sharper focus. The text also frames upcoming results as a potential test of “lofty pricing,” which is consistent with heightened sensitivity to earnings and guidance when multiples are elevated.

Conclusion

Adani Power has outperformed sharply, with a one-year gain of about 100% and fresh highs in 2026, but the stock is now in a consolidation phase after the run-up. Technical commentators cited in the report see key support near Rs 210 (and Rs 208), with resistance clustered around Rs 229 to Rs 235. Analyst target references in the text span from Rs 177 to Rs 230, alongside several fair value updates around Rs 180 to Rs 208.

The next decisive move, based on the levels cited, depends on whether the stock holds above the Rs 208 to Rs 210 support band and whether it can sustain a breakout above Rs 229 to Rs 230.