The Indian Renewable Energy Development Agency (IREDA) share price experienced a roller-coaster trajectory today. The stock was up by 7.21 per cent to hit an intraday high of ₹239.35 per share before closing with a 4.63% gain at ₹233.50. Volatility in the Green Energy Space.
The early rally stemmed from investor optimism fueled by expectations around IREDA’s involvement in upcoming renewable energy projects. The broader enthusiasm for the green energy sector and policy support initially drove the stock higher. Yet, as the chart indicates, the price failed to break above its near-term resistance level of ₹240, leading to profit-taking by mid-session.
From a technical perspective, the support at ₹220.67 acted as a cushion during the day’s trading, preventing a sharper decline. On the upside, ₹309.85 remains a key resistance level based on historical price patterns, while ₹233.50 is now a significant short-term pivot point. Traders may keep a close eye on these levels in the coming days as IREDA continues to navigate sector-wide volatility.
Despite today’s dip from its intraday high, IREDA’s broader trend remains promising. The company’s critical role in financing renewable energy projects positions it well for long-term growth. Investors will likely continue monitoring macroeconomic conditions, particularly government policies and commodity price fluctuations, which could significantly impact future price action.
Read about other shares trending today here.
This post was last modified on Sep 18, 2024, 12:16 BST 12:16