Reliance Power shares zoom 16% to hit one-year high; here's what tech charts hint at

Shares of Reliance Power Ltd logged a sharp uptick in Friday's trade, surging 15.83 per cent to hit a 52-week high of Rs 60.50. The stock was last seen up 13.40 per cent at Rs 59.23. At this price, it has gained 31.39 per cent in a month.

RPower's subsidiary, Reliance NU Energies, recently received the letter of award (LOA) from state-run SJVN Ltd for a 350 MW inter-state transmission system (ISTS)-connected solar power project coupled with a 175 MW/700 MWh battery energy storage system (BESS).

Prior to this, the company partnered with Bhutan's Druk Holding and Investments (DHI) to develop India's largest solar power project in a Rs 2,000 crore joint venture. The 500 megawatt (MW) project will be developed under a 50:50 partnership through a Build-Own-Operate (BOO) model.

Technically, the scrip traded higher than the 5-day, 10-, 20-, 30-, 50-, 100-, 150-day and 200-day simple moving averages (SMAs). Its 14-day relative strength index (RSI) came at 78.44. A level below 30 is defined as oversold while a value above 70 is considered overbought.

Ravi Singh, SVP - Retail Research at Religare Broking, suggested that Rs 65 will be the next target price for the stock along with a stop loss placed at Rs 55 level.

Jigar S Patel, Senior Manager (Technical Research Analyst at Anand Rathi), also mentioned similar support and resistance levels, adding that a decisive move above Rs 65 can only trigger a further upside potential towards Rs 68. "The expected trading range will be between Rs 55 and Rs 68 for the short term," he also said.

As per BSE, the company's stock has a price-to-earnings (P/E) ratio of 370.13 against a price-to-book (P/B) value of 2.59. Earnings per share (EPS) stood at 0.16 with a return on equity (RoE) of 0.71. According to Trendlyne data, RPower has a one-year beta of 1.4, indicating high volatility.

Promoters held a 24.98 per cent stake in the Anil Ambani-led entity as of May 7, 2025.