IREDA shares may get renewal after several losing streak
During the losing streak, the stock had declined by 10%.
IREDA shares may get renewal after several losing streak
New Delhi: The shares of Indian Renewable Energy Development Agency (IREDA) Ltd. increased by 6.5% on Tuesday, breaking a four-day losing streak. During the losing streak, the stock had declined by 10%. Over the past month, the stock has also experienced a 1% decline. However, despite this minor recovery, the shares of IREDA are still trading below their 100-day Moving Average, which is around Rs 224.
During the four-day losing streak, IREDA's Relative Strength Index (RSI) had declined to levels of 33, which is bordering on the "oversold" territory. An RSI reading below 30 indicates that the stock is "oversold."
Read Also : Darranga designated as authorised Immigration Check Post"IREDA had a very strong run this year on the back of strong volumes. However, it has now corrected over 30% from the top in recent times. The price is trading below its 89-day Exponential Moving Average for the first time along with a wedge breakdown. It is also trading in the formation of lower high and lower low which is a characteristic of a downtrend, however, the fall has been seen in the absence of major volumes suggesting a close above Rs 235 levels can result in the resumption of upside toward life high levels," Gaurav Bissa of InCred Equities said.
Since reaching its peak of Rs 310, IREDA has experienced a sharp correction of nearly 100 points, resulting in a 33% decline in its stock price.
Read Also : India’s first analog space mission launched in Leh, LadakhAt the current stage, the price action has stabilized near the previous breakout zone, suggesting a potential support level as seen in the chart. From a technical perspective, the daily Relative Strength Index (RSI) has formed a sharp, V-shaped recovery around the 33 level, indicating a possible reversal in momentum and a favorable entry point. Given these factors, we recommend a long position within the price range of Rs 218 – Rs 223, targeting an upside of Rs 250. A stop-loss should be placed near Rs 205, based on a daily closing price, to manage risk effectively," Jigar Patel of Anand Rathi said.
Read Also : Sanjay Lohiya assumed the charge as New CMD of NALCONews Must Read
- Sanjay Lohiya assumed the charge as New CMD of NALCO
- Power consumption in October rises marginally to 140.4 bn units
- UPI transactions reaches 16.58 bn transactions worth Rs 23.5 trn in October
- Coal India shares in focus, dividend 2024 record date announced for Rs 15.75 per equity share
- Praveena Rai joins as MD, CEO of Commodity Exchange MCX
- Engineers India signs MoU with Petroleum Ministry
- NALCO CMD Sridhar Patra Retires
- POWERGRID Unchahar Transmission Limited Announces Board Changes
- Delhi Metro Adjusts Last Train Timings for Diwali
- Bharat Electronics pays Rs.299.03 Crore Final Dividend to Govt