Indian Renewable Energy Development Agency- Breakout Opportunity
Updated
Date: 6-Jun-2024
Rating: Buy - Positional Trade
LTP: Rs. 178.30
Targets: (1) Rs. 200 --> (2) Rs. 214 --> (3) Rs. 229
SL: Rs. 158 on daily close basis
Technical View:
•
IREDA is in its primary uptrend and was recently going through it's secondary downtrend.
• After touching the high of 200.25 on 3-Jun-2024, it has retraced 23% to 154 level.
• On 6-Jun-2024,IREDA has broke out from its secondary down trend with high volume.
• RSI is trading at 50.95 and MACD is trading at 2.67.
• Looking good to start a new swing 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. Ideas are published for learning purpose only.
Rating: Buy - Positional Trade
LTP: Rs. 178.30
Targets: (1) Rs. 200 --> (2) Rs. 214 --> (3) Rs. 229
SL: Rs. 158 on daily close basis
Technical View:
•
IREDA is in its primary uptrend and was recently going through it's secondary downtrend.• After touching the high of 200.25 on 3-Jun-2024, it has retraced 23% to 154 level.
• On 6-Jun-2024,
IREDA has broke out from its secondary down trend with high volume.• RSI is trading at 50.95 and MACD is trading at 2.67.
• Looking good to start a new swing 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. Ideas are published for learning purpose only.
Note
1-Jul-2024-------------
LTP: Rs. 196.11
1st target of 200 reached. 10% up from suggested level.
Note
3-Jul-2024-------------
LTP: Rs. 223.11
2nd target of 214 reached. 25% up from suggested level.
Trade closed: target reached
4-Jul-2024-------------
Touched 228.48 today. All targets reached. Closing the idea.
Profit 28% @ 228.48 from suggested level.
Disclaimer
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