Adani Power, NTPC among 5 power stocks that can rally up to 24%: Analysts

Technical analyst at Bonanza believes that power stocks NTPC, Adani Power, Tata Power, Adani Green and Power Grid are showing strong bullish structure and can potentially surge up to 24% from here.

Power stocks such NTPC, Adani Power, Adani Green, Power Grid Corporation and Tata Power have outperformed the market with gains up to 30 per cent thus far in the calendar year 2026 as against a 7.1 per cent dip in the Nifty 50 index.  So far in April 2026, Adani Green has soared nearly 37 per cent followed by 24 per cent surge in Adani Power. In comparison, the Nifty has jumped by nearly 9 per cent.  Analysts believe that a hotter-than-normal summer is emerging as a primary catalyst for the Indian power sector, with peak electricity demand forecast to reach 275-285 GW.  From a long-term perspective, too, analysts at Mirae Asset Sharekhan remain positive on the power sector's outlook, citing structural drivers such as increasing data center capacity, rising penetration of consumer durables, and electric vehicle (EV) expansion. READ MORE  Similarly, technical analyst at Bonanza are upbeat on the future prospects for power stocks, and predict up to 24 per cent upside for these outperforming shares.  Here's a detailed technical outlook on NTPC, Power Grid, Tata Power, Adani Power and Adani Green by Virat Jagad, Sr. Technical Research Analyst at Bonanza. 

NTPC

Current Market Price: ₹393 

 

 

  NTPC is showing a strong bullish reversal after breaking above the long-term descending trend line, indicating a shift in overall trend structure, highlights Jagad.  "The stock is forming a higher high–higher low pattern and is sustaining above key moving averages, confirming strength and accumulation. Recent pullbacks are finding support near the ₹370 – ₹360 zone, which acts as an important demand area," explains the analyst from Bonanza.  On the upside, Jagad expects immediate resistance for NTPC round ₹400, above which he expects a rally toward ₹420 – ₹440 levels. The upside target projects potential upside of 12 per cent form here. The analysts sees strong support for the stock at ₹350.  ALSO READ | Charts suggest up to 5% upside for the Sensex; will the rally hold? 

Power Grid Corporation

Current Market Price: ₹309 

 

  Jagad notes that Power Grid is consolidating near the ₹305 – ₹310 resistance zone, while RSI indicating steady momentum. He adds that volume participation has been stable, suggesting accumulation.  "In case of a bullish scenario, i.e. a decisive breakout above ₹310 could trigger fresh upside towards ₹320, while ₹295 remains a strong support zone," says Jagad.   

Adani Power

Current Market Price: ₹185 

 

  Adani Power looks strongly bullish as the stock has given a decisive breakout above the key resistance zone near ₹180, supported by strong momentum and rising volumes, says the analyst.  "The breakout zone around ₹175 – ₹180 is likely to act as immediate support. Traders can maintain a bullish bias with targets of ₹210 – ₹230 (potential upside of 24.3%), while any dip towards ₹175 can be seen as a buying opportunity, with a stop-loss at ₹160," explains Jagad. 

Adani Green Energy

Current Market Price: ₹1,101 

 

  Adani Green Energy is showing a strong recovery with price approaching the ₹1,100 – ₹1,150 resistance zone, indicating a potential breakout from a prolonged consolidation range, expects Jagad.  A sustained breakout above ₹1,150 can trigger upside toward ₹1,250 – ₹1,350 (suggests potential 22.6% upside), while failure may lead to consolidation, says the analyst. He believes that the stock is forming a base after a downtrend, with Key support placed at ₹950 – ₹900 zone. 

Tata Power Company

Current Market Price: ₹421 

 

  Tata Power Company is showing a strong bullish setup on the daily chart, having decisively broken a long-standing resistance zone around ₹417 – ₹420 with good volume, says the analyst from Bonanza.  In the short term, Jagad expects the momentum to remain positive, and the stock to ₹440–460 levels. This implies an upside potential of 9.3 per cent from current levels.  "For fresh entry, the best strategy is to buy on a pullback near ₹410 – 415 for a favourable risk-reward, while aggressive traders may enter above ₹422. A strict stop loss should be maintained near ₹395–₹400," explains Jagad.  Disclaimer: The views expressed by the brokerage/ analyst in this article are their own and not those of the website or its management. Business Standard advises users to check with certified experts before taking any investment decisions.