Shares of Indian Renewable Energy Development Agency Ltd (IREDA) have risen 253% from their yearly low of Rs 49.99 touched on November 29 last year. The renewable energy stock ended 11.43% higher at Rs 176.45 on Friday after BSE and NSE revised the circuit filter limit for the state-run green energy player to 20 per cent from 5 per cent earlier. Shares of IREDA surged 14.39 per cent to Rs 181.15 during the session.
However, IREDA shares are down 18% from their record high of Rs 215 reached on February 6, 2024. The stock listed on bourses at Rs 50 on November 29, 2023.
In the previous session , IREDA shares saw a high turnover of Rs 356.68 crore in as 205.96 lakh shares changed hands on BSE. IREDA’s market cap rose to Rs 47,425 crore.
Riyank Arora, Technical Analyst at Mehta Equities said, “The stock has surpassed its significant anchor VWAP resistance level of 157.65 on its daily charts. Given the present structure, a pullback towards Rs 138-140 presents a favorable buying opportunity for the stock. Notably, a key support level rests at 120. On the upside, we could potentially witness higher targets ranging between Rs 180 to 185.”
Shiju Koothupalakkal – Technical Research Analyst, Prabhudas Lilladher said, “The stock has retraced quite significantly to the extent of 78.60% from the peak zone of Rs 215 levels and taking support near Rs 133 levels has once again indicated a decent pullback to improve the bias moving past the important 50EMA level at Rs 139. With the chart looking attractive, one can stay invested with support maintained near 140 (50EMA level) and expect for next higher targets of Rs 174 and Rs 192 levels in the coming days. At the same time, a decisive breach below Rs 140 zone shall negate our view.”
