IREDA - Indian Renewable Energy Development Agency Ltd.

Apr 3

Date: 3-Apr-2024
Rating: Buy - Positional Trade
LTP: Rs. 157.20
Targets: (1) Rs. 163 --> (2) Rs. 185 --> (3) Rs. 214 --> (4) Rs. 272
SL: Rs. 140

Technical View:
• IREDA is moving in down trend since 6-Feb-2024.
• After touching the life time high of 214.80 on 6-Feb-2024, it has retraced 44% to 121.05 level.
• IREDA has broke out from its down trend on 3-Apr-2024 with higher than average volume.
• RSI has crossed over 50 on 2-Apr-2024. MACD is about to crosse over 0.
• Looking good to start a new uptrend from here.

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.

Apr 5

Note

5-Apr-2024
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LTP: Rs. 176.45
1st target of Rs. 163 reached. 12% up from suggested level.
NEXT TARGET: Rs. 185

Apr 29

Note

29-Apr-2024
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LTP: Rs. 181.40
2nd target of Rs. 185 reached. 15% up from suggested level.
NEXT TARGET: Rs. 214

May 7

Trade closed: target reached

7-May-2024
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Broke down the major trend line and closed below 20 DMA. Both RSI and MACD are giving bearing view. Closing the call to book profit.
LTP: 167.70
P&L: +7%