The IREDA share price rose intraday, touching ₹233.33 before settling at ₹227.39 today. The stock’s recent rally met resistance near ₹240, a level traders are watching closely.
The chart shows strong resistance at ₹262.10 and ₹309.85. The stock has been consolidating near the ₹227.37 support zone, with critical support at ₹220.67. A break below this level could push prices toward ₹160.23, a significant long-term support. However, a potential bounce back toward ₹262.10 is possible if buyers regain momentum.
The IREDA stock remains in a delicate position, with traders looking for signals to determine whether the price will continue the downtrend or make a recovery. Traders should monitor volume and any price action around these support and resistance levels for clues.
Several market factors will probably impact IREDA’s share price in the upcoming months. With the increase in global investment in renewable energy, organisations like IREDA may gain advantages from governmental regulations promoting the shift towards green energy. The increasing need for clean energy solutions and India’s commitment to lowering carbon emissions could positively impact the IREDA stock performance in the long run.
Renewable energy stocks worldwide have performed variedly over the past few months. Certain companies have experienced positive results from high demand, while others are encountering difficulties because of expensive input costs. To attain the IREDA stock target, it must hold onto its market share in this competitive setting.
This post was last modified on Sep 18, 2024, 13:08 BST 13:08