Adani Power Showing Signs of Strength After Key EMA BounceAdani Power LimitedNSE:ADANIPOWERnharinarayan14ADANIPOWER has recently found support near its 20-day EMA on the daily timeframe, indicating that the ongoing bullish trend remains intact and that the stock may be preparing for its next leg higher. Adding to the positive setup, the sectoral benchmark, CNXENERGY , has also taken support at its 20-day EMA on the daily chart, providing further confirmation of strength across the energy sector and supporting the top-down approach. The Weekly RSI (14) stands at 74.45, remaining above the 70 mark and reflecting strong bullish momentum. On the daily timeframe, the RSI has consistently found support around the 60 zone, suggesting a bullish range shift and reinforcing the prevailing uptrend. The stock is also trading at a rising short-term trendline support, which further strengthens the bullish structure. Historically, the 20-day EMA has acted as a reliable dynamic support level for the stock, with previous pullbacks to this moving average often followed by fresh upward moves. In addition, the 20-day, 50-day, and 200-day EMAs continue to slope upward, highlighting the strength of the broader trend. As long as the stock sustains above ₹225, ADANIPOWER could potentially retest its previous all-time high of ₹254.20 and extend the rally further. At the current price of ₹232.52, the setup offers an attractive reward-to-risk ratio of approximately 3:1, with a stop-loss placed at ₹225 on daily closing basis and an initial upside objective near ₹252. Key Support Levels: ₹229.50, ₹227, ₹225 Targets: ₹252, ₹260, ₹270 Disclaimer: Investments in the securities market are subject to market risks, read all related documents carefully before investing. Securities quoted here are exemplary, not recommendatory. I am not a SEBI registered financial advisor, please consult your financial advisor before investing. Please note that I do not guarantee any assured returns for the securities quoted here. Stay updated with my latest trading ideas and market analysis by following me on TradingView. Hari Narayan N Chartered Market Technician (CMT – All 3 Levels Cleared)