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Why Adani Power share price is skyrocketing today — explained



 Adani Power share price has been in uptrend for the last one year, delivering multibagger return. The Adani Group stock hit upper circuit in Wednesday's early deals after Gautam Adani's recent tweet of committed to supplying power to Bangladesh from December 2022. The stock has risen by near  


   According to stock market experts, fundamentals of Adani Power are favourable as demand supply constraint is in favour of the power company and market is expecting better quarterly numbers from the company in upcoming results. However, recent reason for rise in Adani Power share price is Gautam Adani's announcement to initiate power supply to Bangladesh from December 2022. They said that the stock has made bullish engulfing pattern on daily chart, which signals further upside in this multibagger Adani group stock.



   Speaking on the recent reason for rise in Adani Power share price, Avinash Gorakshkar, Head of Research at Profitmart Securities said, "Adani Power is expected to give better quarterly number due to demand-supply constraint in power supply business. However, the recent reason for Adani Power share price rise is Gautam Adani's tweet in which he has announced to supply power to Bangladesh from this December. This has gone down well among stock market bulls and they are buying in bulk with an expectation that the stock may continue to give upside movement in short to medium term."


   Expected further upside in Adani Power shares, Ravi Singhal, CEO at GCL Securities said, "Adani Power share has made bullish engulfing pattern on daily chart pattern that means the stock is expected to give sharp upside movement in short term. Those who have this stock in their portfolio are advised to maintain stop loss at  385 and hold the counter for the target of  444 and  488 respectively."

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