Shares of Reliance Power Ltd (RPower) have staged a sharp recovery over the past month. The stock rose 0.60 per cent to settle at Rs 29.60 on Tuesday and has rebounded 46.75 per cent from its 52-week low of Rs 20.17, touched on March 30.

Earlier this month, the company issued a clarification in response to media queries, stating that Amitabh Jhunjhunwala had left the group in September 2019 and has had no association with the Reliance Group thereafter, including Reliance Infrastructure Ltd and RPower. During his tenure, he served as Group Managing Director of the Reliance Group, as well as Vice-Chairman and Director of Reliance Capital Ltd.

The company also clarified that Amit Bapna exited the Reliance Group in December 2019 and has not been associated with the group since, including with RInfra and RPower. During his association, he served as Chief Financial Officer of Reliance Capital and as Director of Reliance Home Finance Ltd.

Meanwhile, the Economic Offences Wing (EOW) of the Delhi Police has reported a fresh escalation in connection with an alleged bank guarantee fraud involving former officials of the group.

That said, a few technical analysts remain cautiously optimistic on RPower after its recent sharp rebound, highlighting key support and resistance levels that could determine the stock's next move.

Shiju Koothupalakkal, Technical Research Analyst at Prabhudas Lilladher (PL), noted that the stock has shown a strong spurt from Rs 20 to a high of Rs 30.80, backed by robust volume participation. He added that the stock is currently undergoing a phase of consolidation with some profit booking visible. The 50-day EMA at Rs 26.50 is acting as a crucial near-term support, which needs to hold to maintain the positive bias. A decisive breakout above the Rs 30 resistance zone could trigger further upside, with potential targets of Rs 34 and Rs 38.50 (200-period moving average).

Virat Jagad, Senior Technical Research Analyst at Bonanza, said RPower is witnessing a short-term recovery following a prolonged downtrend, supported by strong volumes and an oversold bounce. However, he cautioned that the broader structure remains weak. According to him, the stock is seeing accumulation near the Rs 25–26 support zone, while Rs 30–35 serves as immediate resistance. A breakout above Rs 35 could drive momentum towards Rs 42–45, while failure to sustain may pull the stock back to Rs 24. He maintained a cautiously bullish near-term bias, with short-term targets of Rs 35–42 and medium-term targets of Rs 45–55.

Jigar S Patel, Senior Manager – Technical Research at Anand Rathi, stated that support is seen at Rs 27, while resistance is placed at Rs 31. A decisive move above Rs 31 could push the stock towards Rs 33, with the expected short-term trading range between Rs 27 and Rs 33.