IREDA : Wave 3 - Up, Up & Away at 148.80 from 116Disclaimer:
Trading in financial markets involves substantial risks. Consult your financial advisor before making decisions. This commentary is not a solicitation to buy or sell.
WaveTalks - Market Whispers: Can you hear them?
Recent Performance:
Since the last analysis on 17th Jan 2024, IREDA's stock has shown significant volatility and resilience amidst broader market turmoil. Following a gap down opening at 114.30, the stock quickly rallied to 125.60 (17th Jan 2024), outperforming the market even as the BankNifty experienced a major fall of 2000 points approx. due to geopolitical tensions.
Key Developments:
Response to Buying Zones:
The stock opened near the suggested buying zone of 110-112.50 on both 17th and 18th Jan 2024, offering two distinct buying opportunities. The first was met with a rapid increase to 125.60 from opening price of 114.30 on 17th Jan 2024, while the second saw a sharp fall towards 116 giving second buying opportunity on 18th Jan 2024, validating our analysis.
Exceptional Market Dynamics:
Despite broader market panic due to geopolitical tensions, IREDA followed its bullish trajectory, distinct from general market trends. This resilience reflects strong investor confidence in the stock.
Elliott Wave Analysis Confirmation:
The stock's movement aligns with Elliott Wave principles, exhibiting characteristic wave patterns. Notably, IREDA's stock demonstrated breakaway and runaway gaps, indicative of strong bullish momentum.
Remarkable Gains:
Over two special trading days, the stock showed approximately 10% gains each day, culminating in a close at 148.85. This movement is just shy of the 155 target, a significant milestone based on Elliott Wave analysis. Wave 3 in a specific wave degree travels 162% usually & can be extended 262% & 423% depending on the waves unfolding
Expected on 19th Jan 2024
Next Steps and Outlook:
Potential for Exhaustion Gap:
Given the recent rapid gains, the market might witness an exhaustion gap, indicating a potential pause or correction in IREDA's bullish run. Unless we get market signs, stock has potential to fulfil 155, 175 & 190 as discussed in the debut idea last published.
IREDA - The Last Idea
Conclusion:
IREDA continues to demonstrate strong growth and resilience, defying broader market trends. Investors should closely monitor for signs of an exhaustion gap or continuation of the bullish trend.
Happy Sunday
From
WaveTalks
Market Whispers - Can you hear them?
