IREDA - Indian Renewable Energy Development Agency Ltd.
Updated
Date: 7-Jan-2024
Rating: Buy (Mid Term as well as Long Term Opportunity)
LTP: Rs. 105.10
Target: (1) Rs. 123 --> (2) Rs. 140 --> (3) 168 ++
SL: 85
Technical View:
Since the listing,
IREDA is in its primary uptrend. Recently it has given break-out from its secondary down trend and been consolidating between 101 & 105. This break-out and consolidation is giving a bullish signal for a start of new swing within it’s current primary uptrend.
Mid-Term View:
•IREDA is likely to make it to the MSCI Smallcap index, according to Nuvama Alternative & Quantitative Research. If research firms to believed then MSCI may make the official announcement on February 13, with adjustments set to take place on February 29.
• Any inclusion or increase in stock weightage in global indices like MSCI and FTSE leads to inflows from passive funds, which track that index.
Long-Term View:
•IREDA provides a comprehensive range of financial products for promoting, developing, and extending financial assistance for new and renewable energy (RE) projects, and energy efficiency and conservation (EEC) projects.
• In it’s National Electricity Plan (NEP), India has charted out to triple its renewable energy capacity by 2030 to meet it’s commitment of a sustainable energy future. However, realizing this vision comes with a significant price tag, requiring a substantial investment of USD 293 billion.
Disclaimer: I am not a SEBI registered analyst/consultant and not recommending anyone to take any BUY or SELL position in stock market. Investing in stock market is risky and one should do a self analysis and validation before investing in stock market.
Rating: Buy (Mid Term as well as Long Term Opportunity)
LTP: Rs. 105.10
Target: (1) Rs. 123 --> (2) Rs. 140 --> (3) 168 ++
SL: 85
Technical View:
Since the listing,
IREDA is in its primary uptrend. Recently it has given break-out from its secondary down trend and been consolidating between 101 & 105. This break-out and consolidation is giving a bullish signal for a start of new swing within it’s current primary uptrend.Mid-Term View:
•
IREDA is likely to make it to the MSCI Smallcap index, according to Nuvama Alternative & Quantitative Research. If research firms to believed then MSCI may make the official announcement on February 13, with adjustments set to take place on February 29.• Any inclusion or increase in stock weightage in global indices like MSCI and FTSE leads to inflows from passive funds, which track that index.
Long-Term View:
•
IREDA provides a comprehensive range of financial products for promoting, developing, and extending financial assistance for new and renewable energy (RE) projects, and energy efficiency and conservation (EEC) projects.• In it’s National Electricity Plan (NEP), India has charted out to triple its renewable energy capacity by 2030 to meet it’s commitment of a sustainable energy future. However, realizing this vision comes with a significant price tag, requiring a substantial investment of USD 293 billion.
Disclaimer: I am not a SEBI registered analyst/consultant and not recommending anyone to take any BUY or SELL position in stock market. Investing in stock market is risky and one should do a self analysis and validation before investing in stock market.
Note
Updates: 16-Jan-2024---------------------------
LTP: 119.50
IREDA - 1st target of Rs. 123 reached on 16-Jan. 14% up from suggested level.
NEXT TARGET: 140
Note
Updates: 22-Jan-2024---------------------------
LTP: 148.85
IREDA - 2nd target of Rs. 140 reached on 20-Jan. 42% up from suggested level.
NEXT TARGET: 168
Note
Updates: 26-Jan-2024LTP: 169.80 (on 25-Jan-2024)
IREDA - 3rd target of Rs. 168 reached on 25-Jan. 62% up from suggested level.
NEXT TARGET: Technicals are still showing strength which may take it to next target of 195.
Note
Updates: 4-Feb-2024LTP: 195.05 (on 2-Feb-2024)
IREDA - 4th target of Rs. 195 reached on 2-Feb. 86% up from suggested level.
NEXT TARGET: Technicals are still showing strength which may take it to next target of 212.
Note
Updates: 6-Feb-2024LTP: 209.45
IREDA - 5th target of Rs. 212 reached. 99% up from suggested level.
NEXT TARGET: Technicals are still showing strength which may take it to next target of 227.
Note
Updates: 13-Feb-2024MSCI has announced to add IREAD to its index starting 29-Feb which will lead inflow of passive FII funds. Hope to see some reversal in coming sessions.
Note
Updates: 15-Feb-2024---------------------------
LTP: Rs. 177.05
With recent fall, IREDA has retraced 28% from previous high. Post that it again started showing the strength. Revising the targets post current retracement.
NEXT TARGETS: (6) Rs. 214 --> (7) Rs. 252
Note
Updates: 28-Feb-2024---------------------------
MSCI Index adjustments announced on 13-Feb will be effective from tomorrow, 29-Feb. According to calculations by Nuvama Alternative & Quantitative Research, India could witness upwards of $1.2 billion FII passive inflow on February 29 when the adjustments are made by funds, ETFs that benchmark against MSCI indices.
According to NDTVProfit.com, IREDA will bring inflows worth $12 million.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.