News Mania Desk/Agnibeena Ghosh/16th July 2024
On the last trading day, Indian Renewable Energy Development Agency (IREDA) shares opened at ₹300.95 and closed at ₹284.65. Despite a peak at ₹310, the stock hit a low of ₹286.7, reflecting significant intra-day volatility. The company’s market cap stood at ₹77,891.42 crore, with its 52-week range stretching from a high of ₹304.6 to a low of ₹49.99. The trading volume on the Bombay Stock Exchange (BSE) was notably high, with 19,724,187 shares changing hands.
As of July 16, 2024, IREDA shares closed at ₹272.25, a 6.06% drop from the previous day’s ₹289.8. Key resistance levels for the stock are noted at ₹283.19, ₹294.79, and ₹300.89, while support levels are identified at ₹265.49, ₹259.39, and ₹247.79. These figures are derived from the classic pivot table analysis.
The trading volume until 3 PM was down by 29.19% compared to the previous day, highlighting a significant reduction in trading activity. Despite the lower volume, the share price was still under pressure, reflecting a potential bearish trend. The stock’s performance needs close monitoring for possible reversals, especially if it approaches the critical support level of ₹257.9.
By 3:15 PM, IREDA was trading at ₹271.85, down 6.19% from the previous day. The stock had broken the first and second support levels, indicating a strong bearish sentiment. If the price breaches the final support of ₹257.9, it could signal further decline due to increased selling pressure.
Despite the bearish short-term movements, technical analysis suggests that both the short-term and long-term trends for IREDA remain bullish. However, the recent drop raises questions about the sustainability of this bullish outlook. The Simple Moving Average (SMA) indicates positive momentum with averages for 5 days at ₹260.38, 10 days at ₹237.54, 20 days at ₹211.33, 50 days at ₹190.88, 100 days at ₹173.86, and 300 days at ₹154.79.
Hourly price movements also showed considerable volatility. In the last hour of trading, IREDA reached a high of ₹276.4 and a low of ₹273.0. The stock surpassed all support levels on an hourly timeframe, suggesting potential opportunities for shorting. Key resistance levels to watch in the next hour are ₹275.3, ₹277.55, and ₹278.7, with support levels at ₹271.9, ₹270.75, and ₹268.5.
Earlier in the day, the stock had fluctuated between ₹279.27 and ₹274.57 in the last hour, encouraging traders to consider rangebound trading strategies. Key hourly support and resistance levels to monitor include ₹276.7 and ₹274.95 for support, and ₹277.6 and ₹274.1 for resistance.
Despite a general bullish technical trend, IREDA faced a challenging trading day, closing at ₹284.65, with significant fluctuations and bearish short-term indicators. As investors analyze the stock’s performance, the market’s reaction in the coming days will be crucial in determining the stock’s future trajectory.
