Hey there! Let me share my thoughts on IREDA’s stock performance in a casual way. 😊
So, IREDA’s shares have been pretty interesting lately. Since the Lok Sabha Election outcome, they’ve been trading in a range between Rs 167 and Rs 179. I think that’s quite a tight range, considering how stocks can usually be more volatile. The stock has seen a massive gain of 254% from its listing price, which is amazing! It listed at Rs 50 last year and even hit Rs 177 recently. 📈
But here’s a twist: it reached its all-time high of Rs 215 on February 6, 2024, and then dropped to a 52-week low of Rs 49.99 on November 29, 2023. This rollercoaster ride shows just how unpredictable the stock market can be. 🎢 It’s worth noting that the stock initially listed at a premium of 56.25% over its IPO issue price of Rs 32.
Lately, it’s been kind of steady, trading at around Rs 176.30, just a slight rise from its previous close of Rs 175.75. The market cap is a whopping Rs 47,304 crore, though the stock has fallen over 18% from its record high of Rs 215. The trading volume on Thursday was relatively low, with only 1.01 lakh shares changing hands.
Aditya Agarwal from Sanctum Wealth mentioned that IREDA is stuck in a broad range of Rs 155-195. Both RSI and MACD indicators show negative divergence, suggesting that the stock might continue to move sideways for a while. He suggests buying the stock if it dips to around Rs 165-158 and sees strong resistance around Rs 195-200. If it breaks this range, it could go up to Rs 215/228. But if it drops below Rs 152, the stock’s structure might weaken. 🧐
On the other hand, Mandar Bhojane from Choice Broking is a bit more optimistic. He sees a recent breakout from the trading range, with potential price targets set at Rs 215. He notes that IREDA is trading above its key EMAs (50-day, 100-day, and 200-day), which indicates bullish momentum. The RSI is at 48.3, suggesting more buying could be on the way. He advises setting a stop-loss at Rs 160 to manage risk and buying during dips around Rs 168. 🤑
To sum up, IREDA’s IPO was quite popular, with the price band set at Rs 30-32 per share. The IPO was open from November 21 to 23, 2023, with a lot size of 460 shares. IREDA, being a Mini Ratna (Category – I) government enterprise, has been promoting renewable energy projects for over 36 years, which I think is really commendable. 🌱
Looking ahead, I feel that if the company continues its good work in renewable energy and maintains its financial health, the stock might see more upward movement. But of course, investing in stocks always comes with risks, so it’s essential to stay informed and manage risks wisely. Fingers crossed for some exciting times ahead for IREDA and its investors! 🤞🚀