Reliance Power stock rallies 18%; Supertrend indicator triggers ‘buy’
Reliance Power Ltd, part of the power generation space, rallied over 18% in intraday trade on Friday, supported by strong volumes.
The momentum also triggered a buy on the Supertrend indicator on the weekly charts, which is a positive sign for the bulls.
The Supertrend indicator is a trend-following technical analysis tool that helps traders identify the direction of a stock, index, or asset’s price movement and generate buy or sell signals accordingly.
The price has moved above the Supertrend line, indicating a potential shift from a downtrend to an uptrend or a confirmation of ongoing bullish momentum.
Reliance Power is one of India’s largest power generation portfolio under development in private sector in India.
Reliance…
