Anil Ambani-backed Reliance Power’s shares have been in the uptrend since the beginning of the current financial year 2023-24. shares bottomed out at 9.15 apiece levels at the end of March 2023. Since then, the stock has been moving up continuously.

Reliance Power share price today opened higher and went on to touch an intraday high of 24.25 per share, logging an intraday rise of around 4 percent in the first trade session of New Year 2024. According to experts, market is bullish on power stocks on tariff hike. Most power stocks have witnessed strong buying interest in recent months. Reliance Power stock may go up to 30 apiece but one must maintain strict stop loss at 21 while keeping any position in this Anil Ambani-backed company’s stock, say market experts. Tariff hike in focus“It’s not just Reliance Power shares, most of the power stocks backed by big names like Tata and Adani have also ascended in recent months. Major reason for upside in these power shares is tariff hike in power sector. This is expected to improve margins of the power companies and bulls are betting high on power stocks these days. Reliance Power shares are getting benefit of this positive sentiment on the power stocks,” said Avinash Gorakshkar, Head of Research at Profitmart Securities. Gorakshkar said that Reliance Power has transferred the development rights of its proposed 1,200 MW KalaiII hydro-electric project in Arunachal Pradesh to THDC for 128.39 crore. This is also a short-term trigger, which has attracted attention of Dalal Street bulls towards Reliance Power. Reliance Power share price targetExpecting further upside in Reliance Power shares, Sumeet Bagadia, Executive Director at Choice Broking, said, “Reliance Power shares are looking positive and high-risk investors can hold the stock for short-term target of 28 and 30, respectively. However, one must maintain strict stop loss at 21 while keeping one’s position in this Anil Ambani-backed company’s stock.” Reliance Power Livemint tops charts as the fastest growing news website in the world to know more.

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