Indian Renewable Energy Development Agency- Breakout Opportunity
Updated
Date: 14-May-2024
Rating: Buy - Positional Trade
LTP: Rs. 173.15
Targets: (1) Rs. 185 --> (2) Rs. 214
SL: Rs. 154 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 192.20 on 29-Apr-2024, it has retraced 17% to 158.70 level.
• On 14-May-2024,IREDA has broke out from its secondary down trend with high volume.
•IREDA has also closed above 20 DMA and 21 DEMA on 14-May-2024.
• RSI is trading at 56.16 and MACD is trading at 3.07.
• 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. 173.15
Targets: (1) Rs. 185 --> (2) Rs. 214
SL: Rs. 154 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 192.20 on 29-Apr-2024, it has retraced 17% to 158.70 level.
• On 14-May-2024,
IREDA has broke out from its secondary down trend with high volume.•
IREDA has also closed above 20 DMA and 21 DEMA on 14-May-2024.• RSI is trading at 56.16 and MACD is trading at 3.07.
• 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
22-May-2024-----------------
LTP: Rs. 188.85
1st target of 185 reached. 9% up from suggested level.
NEXT TARGET: Rs. 214
Trade closed: target reached
In last one week lot of price action has been seen. Hence, closing this idea and publishing new one with updated chart and targets.
Disclaimer
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