Reliance Power share price jumped over 14% on Friday amid strong buying momentum. The Anil Ambani Group stock rallied as much as 14.06% to ₹50.70 apiece on the BSE.
Reliance Power share price rally was supported by strong volumes. Around 6 crore equity shares of Reliance Power changed hands on stock exchanges as compared to its one week average trading volumes of 2 crore shares, and one month average volume of 2 crore shares.
Earlier this week, Reliance Power informed stock exchanges that it had received a Show Cause Notice from SEBI in relation to Reliance Infrastructure Limited’s exposure in CLE Private Limited, for alleged violation of SEBI regulations.
However, the Anil Ambani group company, Reliance Power clarified that it had no exposure to the said company and would take appropriate legal steps.
“The Company has ZERO exposure to CLE Private Limited. The Company shall take appropriate steps in the matter, as legally advised,” Reliance Power said in a regulatory filing on October 6.
Reliance Power Share Price Outlook
“Reliance Power share price was forming a base around ₹44 level since last one week and today the price has sharply bounced from key support, up almost 9%. This bounce can extend with possibility of ₹56 in near term, whereas the recent lows around ₹44 remains crucial,” said Rajesh Bhosale, Equity Technical and Derivative Analyst at Angel One.
Reliance Power share price has risen over 3% in one month, but has fallen over 25% in three months. The smallcap stock has rallied 24% in six months, while it has gained 8% this year so far. Reliance Power shares have delivered multibagger returns of 171% in two years and a staggering 1,642% in five years.
At 10:25 AM, Reliance Power share price was trading 8.64% higher at ₹48.29 apiece on the BSE.
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