IREDA Share Price Prediction for September 3: It can high of Rs 265 or go down till Rs 210.
On September 2, 2024, the IREDA (Indian Renewable Energy Development Agency) share price stood at ₹253. Investors and traders are keenly observing the stock’s performance as they anticipate its movement on September 3. In this article, we will analyze the market performance, technical and fundamental aspects, and provide a detailed forecast for IREDA’s share price.
Main Points
- 1 Market Performance and Technical Analysis of IREDA Share Price
- 2 Key Technical Indicators
- 3 Fundamental Analysis of IREDA Share Price
- 4 Quarterly Results Analysis of IREDA Share Price
- 5 Market Outlook for September 3
- 6 Intraday Trading Levels of IREDA Share Price
- 7 Important Levels and Movement Causes
- 8 Expected Performance Tomorrow of IREDA Share Price
The IREDA stock has shown remarkable growth over the past year, with a staggering increase of approximately 646.5%. This growth reflects the rising importance of renewable energy in India and the agency’s significant role in funding such projects. The stock’s 52-week range has been between ₹50 and ₹310, indicating its volatility and potential for high returns.
Key Technical Indicators
As of September 2, the stock’s performance can be analyzed through various technical indicators:
- Resistance Levels: The first resistance level is at ₹257.22, followed by ₹260.48 and ₹262.57. If the stock can break through these levels, it may indicate a continuation of the bullish trend.
- Support Levels: The first support level is at ₹251.87, with further support at ₹249.78 and ₹246.52. A drop below these levels could signal a bearish trend.
- Relative Strength Index (RSI): Currently, the RSI stands at 54.38, suggesting that the stock is neither overbought nor oversold, indicating a balanced market sentiment.
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The fundamentals of IREDA also present a positive outlook. The agency has reported a 30% increase in profit after tax (PAT) and a 32% growth in revenue from operations for the recent quarter. Such robust financial results bolster investor confidence and suggest that the agency is well-positioned for future growth.
In its latest quarterly results, IREDA’s revenue reached ₹1,510 crore, up from ₹1,143 crore in the same quarter last year. This growth is attributed to increased demand for renewable energy financing and the agency’s expanding loan book, which grew by 34% year-on-year.
Market Outlook for September 3
Looking ahead to September 3, analysts predict a cautious yet optimistic outlook for IREDA’s share price. The stock is expected to trade within a range of ₹247.02 to ₹259.63 based on the current market sentiment and technical analysis.
For intraday trading, the recommended levels are:
- Buy Zone: If the stock opens above ₹257, it could be a good entry point for traders looking to capitalize on a potential upward movement.
- Sell Zone: Traders should consider selling if the stock falls below ₹251.87, as this may indicate a reversal in trend.
Important Levels and Movement Causes
Several factors could influence IREDA’s share price movement on September 3:
- Market Sentiment: Positive news related to renewable energy projects or government initiatives could boost investor confidence.
- Peer Comparison: Comparing IREDA’s performance with peer stocks in the renewable energy sector can provide insights into market trends.
- Global Market Trends: Global trends in renewable energy and stock market performance can also impact IREDA’s share price.
As we look towards tomorrow, the expected price movement for IREDA shares appears to be in an uptrend. Analysts suggest that if the stock maintains its position above ₹248.49, the bullish trend may continue. However, caution is advised, as any significant drop below this level could lead to a bearish outlook.
Note: This article is written for educational purposes, Local Haryana does not provide buying and selling of any kind of stock
