Technical Stock Call : Waaree Energies Ltd and Ideaforge Technology Ltd by Bharat K Gala, Ventura
Waaree Energies Ltd
Sector: Energy - Solar Energy & Renewable Energy Equipment (INE377N01017)
About: Waaree Energies Ltd. is an Indian solar energy company engaged in the manufacturing of solar photovoltaic (PV) modules and solar cells. It also provides solar energy solutions for utility-scale, commercial, industrial and residential applications, supporting the renewable energy sector.
View – Short Term Bullish
The stock commenced its downtrend from 3557 (APR 26).
Selling pressure intensified from higher levels, indicating weakness in the prevailing trend. Subsequently, the stock extended its decline & continued to form lower lows marking a low of 2161.5 in OCT 26.
During this corrective phase, the stock entered in a consolidation range trading around the averages into a downward sloping narrow band.
However, buying interest emerged at lower levels & the stock gradually initiated a recovery. And after forming higher bottoms, it recently registered a Descending Channel Breakout on the weekly chart, supported by volumes. A strong bullish candle pushed the stock to a high of 2613.3 in NOV 26, surpassing the highs of the preceding few trading sessions & indicating improving short-term momentum.
Furthermore, Stoch RSI & Williams %R indicators are showing positive crossovers, supporting the emerging bullish bias.
Target of 3100 is expected with lower support levels at (2470-2418)-2382-(2345-2295) in case of intermediate fall.
A stop loss at 2230 is to be followed for the trade.
Ideaforge Technology Ltd
Sector: Capital Goods - Aerospace & Defence / Drone Manufacturing (INE349Y01013)
About: IdeaForge Technology Ltd. is an Indian drone manufacturing company specialising in the design and production of unmanned aerial vehicles (UAVs). Its drones are used for defence, surveillance, mapping, surveying, inspection and industrial applications, serving government agencies, defence forces and commercial customers.
View – Medium Term Bullish
The stock commenced its downtrend from 946.95 (AUG 26).
Forming Down Gaps, the stock began trading below its key moving averages, indicating weakness in the prevailing trend. Subsequently, it continued to form lower lows trading below the 200 SMA & further extended its decline marking a low of 617.55 (NOV 26).
During the correction phase, the stock traded in a downward slopping channel, consolidating into a narrow range during the period AUG 26_OCT 26.
Later, the stock attracted buying interest at lower levels, commenced its up move crossing above 200 SMA & recently, after forming higher bottoms, the stock has given a Descending Channel Breakout on the daily chart supported by volumes with a bullish candle reaching to a high of 733.45 (NOV 26), which is higher than the previous swing tops.
RSI trading above 50, MACD shows positive momentum & PVT indicates the positive uptrend – signs of buying.
This breakout indicates improving buying momentum and a potential shift in the short-term trend.
Target of 900 is expected with lower support levels at (692-676)-665-(653-635) in case of intermediate fall.
A stop loss at 617 is to be followed for the trade.
SMS subject to Disclosures and Disclaimer goo.gl/8bCMyQ
SEBI Registration No.: INH000001634
