Indian Renewable Energy Development Agency- Breakout Opportunity

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.

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