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Below the Quote on IREDA shares have dropped about 28% from their recent high by Suman Bannerjee, CIO, Hedonova, a Paris Based Hedge Fund

1. The stock's chart shows a bearish trend, falling below the important support level of Rs 155. It indicates negative investor sentiment and suggests it might drop further if it doesn't quickly get back above this level. The next support level to watch is Rs 139; if the stock falls below this, the bearish trend could worsen. For a bullish trend, the stock needs to move above the resistance area of Rs 170-173, reversing the current negative view and possibly starting an upward trend. Such a move would indicate a change for the better, suggesting a gathering of interest and potentially drawing more buyers, shifting the market in the stock's favor.

2. The stock falling below the key Rs 155 support level signals a growing bearish trend and suggests more declines could follow if it doesn't quickly rebound. With the next support at Rs 139, a near-term turnaround looks unlikely, especially with strong resistance at Rs 170-173. The market's current state points to ongoing declines, making a shift to a bullish trend difficult. Therefore, investors should be prepared for possible further decreases, as conditions for a positive change aren't currently evident.

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