30 August Technical Analysis of IREDA Stock: What the Bullish Trend Means for Your Portfolio
IREDA (Indian Renewable Energy Development Agency) share price has been making headlines lately, with its impressive performance and significant gains. As of August 29, 2024, the stock closed at ₹253, marking a significant increase from its previous close of ₹255. The company’s market capitalization currently stands at a staggering ₹68,255.8 crore.
Main Points
IREDA 52-Week High and Low
Over the past 52 weeks, IREDA’s share price has fluctuated between a low of ₹50 and a high of ₹310. This wide range showcases the stock’s volatility and the potential for significant gains for investors who time their investments correctly.
Technical Analysis and Fundamental Factors
A technical analysis of IREDA stock reveals a bullish trend, with the 20-day, 50-day, and 100-day moving averages all indicating a positive outlook. The stock’s relative strength index (RSI) stands at 54.38, suggesting that it is neither overbought nor oversold.
Fundamentally, IREDA has been performing well, with its latest quarterly results showing a 32.11% year-on-year increase in revenue from operations to ₹1,510.71 crore. The company’s profit after tax (PAT) also saw a significant jump of 30.25% to ₹383.69 crore.
IREDA Buyback News and Future Outlook
In a recent development, IREDA board approved a proposal to raise up to ₹4,500 crore through various means, including a further public offering (FPO), qualified institutional placement (QIP), rights issue, or preferential issue. This move is expected to strengthen the company’s financial position and support its growth plans.
Analysts are bullish on IREDA’s future prospects, citing the company’s strong fundamentals, growing loan book, and the increasing demand for renewable energy in India. The stock is seen as a potential dividend-yielding investment, with investors optimistic about the possibility of dividends in the future.
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Important Levels and Price Targets
According to the technical analysis, IREDA’s first resistance level is at ₹257.22, followed by ₹260.48 and ₹262.57. The stock’s first support level is at ₹251.87, with subsequent support at ₹249.78 and ₹246.52.Analysts have set a price target of ₹280 for IREDA, which represents a potential upside of around 10% from the current levels. However, it’s important to note that stock prices can be volatile and subject to market conditions.
