Buy Indian Renewable Energy Development Agency for Traget Price 203 - Choice Broking Ltd
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Indian Renewable Energy Development Agency
IREDA is presently trading at ?181, having recently formed a cup & handle pattern with a notable surge in trading volume. This breakout suggests potential further upward movement, with projected price targets set at ?203. A significant support level is identified near ?170 on the downside.
Furthermore, IREDA is currently trading above key Exponential Moving Averages (EMAs), including the 20-day, 50-day, 100-day, and 200-day EMAs. This indicates robust bullish momentum, signaling the likelihood of sustained upward price action. The Relative Strength Index (RSI) stands at 62.2, implying an upward trajectory and affirming an increase in buying momentum.
To effectively manage risk, it is advisable to establish a stop-loss (SL) at ?170 to protect the investment against unexpected market reversals. A prudent approach involves considering buying opportunities during market dips at levels around ?177.
In summary, based on technical analysis and prevailing market conditions, IREDA presents a promising buying opportunity for those targeting a ?203 price objective, contingent upon implementing prudent risk management measures.
Buy Indian Renewable Energy Development Agency @ 181 with a target of 203 and a stop loss at 170
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