Adani Power shares crashed more than 6% in intraday trade on the BSE on Thursday, 8 October, amid broader stock market weakness. Adani Power share price opened at ₹196 against its previous close of ₹196.60 and dropped 6.3% to hit an intraday low of ₹184.15 during the session, looking set to extend losses for the second consecutive session. Meanwhile, equity benchmark Sensex declined 1.5% during the day.
The decline in the shares of Adani Power can be largely attributed to profit booking amid prevailing weakness in the stock market. The stock is down about 8% so far this month after a 3% rise in September.
Year-to-date, the stock is 26% up compared to a 16% fall in the equity benchmark Sensex and a 6% rise in the BSE Power index. Over the last six months, the stock has gained 11%.
Adani Power shares what tech charts indicate?
According to Jigar S. Patel, Senior Manager of Equity Technical Research at Anand Rathi Share and Stock Brokers, Adani Power stock is currently at a crucial technical juncture, with ₹182– ₹183 emerging as a major support zone.
Patel underscored that a decisive closing below this support could increase selling pressure and drag the stock towards the next support near ₹170. On the flip side, if the stock manages to sustain above ₹185, a short-term recovery towards ₹196 cannot be ruled out.
“Momentum indicators are currently hinting at weakness, suggesting that upside may remain limited unless the stock shows sustained strength above the immediate resistance zone. Therefore, it would be prudent to wait and watch rather than take aggressive positions at current levels,” said Patel.
“The stock needs to build a stronger base around the ₹185– ₹188 before a meaningful recovery can be expected. A sustained move above ₹188 would improve the technical structure, while a decisive close below ₹182 would weaken the setup further and increase downside risk,” Patel said.
Vipin Kumar, AVP-Research at Globe Capital Market, underscored that after hitting a lifetime high in May 2026, the stock has been going through a corrective phase and has almost reached a support confluence zone of its one-year exponential moving average, placed at ₹183, and the 61.8% Fibonacci retracement level of the previous up move, placed at ₹177, closely followed by price support at ₹174.
Going ahead, Kumar expects the ongoing corrective move to halt around this support confluence zone.
“We advise traders to wait for stability and a base or reversal formation around this support zone before initiating fresh positions,” said Kumar.
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Disclaimer: This article is for educational purposes only and does not constitute investment advice. The views and recommendations expressed are those of individual analysts or broking firms, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.
