Adani Power is currently hovering at ₹200‑₹201, the exact range highlighted by Somil Mehta, Head of Retail Research at Mirae Asset ShareKhan, who flagged the stock as a buy call. The analyst cites a resistance target of ₹210 and a solid support zone at ₹197.
On the weekly chart, the share holds a strong demand zone near the lower Bollinger Band, which aligns with the 40‑week exponential moving average and the 50% retracement of the previous swing low. Daily technicals show a base forming near the 200‑day exponential moving average and a bullish reversal candlestick pattern, while momentum indicators make a positive crossover, confirming the upward bias.
Compared to its peers, Adani Power’s price is up 2.5% this month, beating the sector average of 1.8% and outperforming other renewable energy names that have stalled near ₹190. The stock’s price‑to‑earnings ratio sits at 14x, comfortably below the sector’s 18x average, adding a valuation cushion.
The next key event for investors will be the Q3 earnings release on October 28, 2026, where management is expected to discuss renewable capacity expansion and debt‑reduction plans. Should the guidance remain positive, the ₹210 target could become a realistic upside by the end of the quarter.
In short, the buy call is underpinned by solid technical support, favourable relative valuation, and a clear short‑term upside target that aligns with the broader energy rally. Watch for the earnings report for confirmation of the upside trajectory.