IREDA is trading at ₹230.91, reflecting a 1.69% decline. The stock has shown some resistance at the ₹262.10 level but has been consolidating around the ₹220.67 support level.
Resistance: The primary resistance stands at ₹262.10, a level that IREDA needs to break to regain momentum.
Support: IREDA has solid support at ₹220.67, which could act as a floor for further downside. A breach of this support may lead to a drop towards the ₹199.54 zone.
In order for the stock to continue its bullish movement , it must surpass the ₹262.10 resistance level. If it falls below ₹220.67, there could be more weakness, and ₹199.54 would then become the crucial support level to monitor.
Due to IREDA’s important part in funding renewable energy projects in India, its performance is strongly influenced by overall sector patterns and government actions. Currently, the market appears to be wary, requiring IREDA to increase its momentum in order to surpass its current resistance. Traders should watch the ₹262.10 resistance and ₹220.67 support for any breakout or breakdown in the coming days.
This post was last modified on Oct 01, 2024, 15:13 BST 15:13