Indian Renewable Energy Development Agency- Breakout OpportunityDate : 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:
• NSE: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, NSE:IREDA has broke out from its secondary down trend with high volume.
• NSE: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.