Stock Jumps 9%, On the Verge of Breakout!
The broader markets have started the week on a very positive note with the benchmark index surging by 156 points to 22,051, by 11:22 AM IST. The market breadth is also quite good with most of the sectors trading in the green zone.
One stock that is making an attempt to deliver a fresh breakout is Indian Renewable Energy Development Agency Ltd (IREDA). It is a specialized finance company that caters to the energy sector in India, having a market capitalization of INR 29,766 crore.
Image Description: Daily chart of IREDA with volume bars at the bottom
Image Source: Investing.com
It is a recently-listed stock on the NSE that marked its debut on 29 November 2023 with a bang, hitting the 20% upper circuit on the first day itself. Since then the stock has never seen those rates again as investors’ demand kept pushing the prices higher.
After hitting a high of INR 123.2 in December 2023, the stock took a breather and witnessed minor profit booking which threw it to the levels of INR 95 – INR 100, where a good base formation took place. Now the stock seems to be geared up to continue its bull run.
On Friday, it rose over 7% and today it is up by another 9% to INR 120.7. Once the breaks its previous all-time high, the rally is expected to continue to the next level of INR 150. On the lower side, the base at INR 95 can be looked upon as a good stop-loss level for long positions.
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X (formerly, Twitter) – aayushxkhanna
SPECIAL NEW YEAR SALE: You can avail InvestingPro+ at a massive 82% discount now. Claim your offer for the 2-year plan by clicking “here”, and for the 1-year plan “here”. The offer is open for a limited time!
The broader markets have started the week on a very positive note with the benchmark index surging by 156 points to 22,051, by 11:22 AM IST. The market breadth is also quite good with most of the sectors trading in the green zone.
One stock that is making an attempt to deliver a fresh breakout is Indian Renewable Energy Development Agency Ltd (IREDA). It is a specialized finance company that caters to the energy sector in India, having a market capitalization of INR 29,766 crore.
Image Description: Daily chart of IREDA with volume bars at the bottom
Image Source: Investing.com
It is a recently-listed stock on the NSE that marked its debut on 29 November 2023 with a bang, hitting the 20% upper circuit on the first day itself. Since then the stock has never seen those rates again as investors’ demand kept pushing the prices higher.
After hitting a high of INR 123.2 in December 2023, the stock took a breather and witnessed minor profit booking which threw it to the levels of INR 95 – INR 100, where a good base formation took place. Now the stock seems to be geared up to continue its bull run.
On Friday, it rose over 7% and today it is up by another 9% to INR 120.7. Once the breaks its previous all-time high, the rally is expected to continue to the next level of INR 150. On the lower side, the base at INR 95 can be looked upon as a good stop-loss level for long positions.
—————————————————————–
X (formerly, Twitter) – aayushxkhanna
SPECIAL NEW YEAR SALE: You can avail InvestingPro+ at a massive 82% discount now. Claim your offer for the 2-year plan by clicking “here”, and for the 1-year plan “here”. The offer is open for a limited time!
