Reliance Power Ltd shares came under selling pressure in today’s session, as investors booked profits falling 4.99% to ₹28.59 on the NSE. The decline comes after a sharp rally in recent weeks, even as the stock continues to remain one of the top gainers on Dalal Street in April 2026. Despite today’s dip of ₹1.50, the ADAG stock has surged 33.60% over the past month, reflecting strong investor interest and momentum-driven buying. The Anil Ambani-owned stock has seen a remarkable turnaround this month, rising nearly 49% so far in April after ending March 2026 at ₹20.36 per share. During the recent rally, Reliance Power opened with an upside gap and touched an intraday high of ₹28.66, gaining over 2% in early trade. Heavy volumes supported the move, with more than 8 crore shares changing hands during the session, indicating sustained participation from traders.
Market experts believe the rally is largely driven by technical breakout patterns and improving sentiment around the company’s outlook. According to Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi, the stock has witnessed a clear trendline breakout on the weekly chart, signalling a possible shift from a long-term bearish trend to a bullish one. He noted that the stock has built a strong base around ₹20, which now acts as a crucial support level, while trading above the breakout zone suggests further upside potential. However, analysts also caution that the rally lacks a concrete fundamental trigger at this stage. Abhinav Tiwari, Research Analyst at Bonanza, pointed out that the surge ahead of Q4 FY26 results appears to be largely speculative. The market is likely factoring in expectations of a turnaround, improved financial performance, or potential positive announcements, but no official disclosures have confirmed these assumptions so far.
From a technical perspective, immediate resistance for Reliance Power shares is seen in the ₹36–₹40 range, a zone that previously acted as a supply area. A decisive breakout above this band could push the stock towards the ₹45 mark in the near term, while ₹20 remains a key downside support. Shareholding data for the March 2026 quarter shows that promoter holding remains minimal. Anil Ambani holds 4,65,792 shares, representing a 0.01% stake in the company. Other family members, including Tina Ambani and Anmol Ambani, also hold 0.01% stakes each, while Kokila D Ambani owns a slightly higher 0.02% stake. These holdings collectively reflect the current promoter structure of the company.
Even as today’s correction pauses the sharp uptrend, Reliance Power remains firmly in focus among traders, with the upcoming Q4 results expected to play a key role in determining the stock’s next directional move.