NSE₹₹₹₹₹Shares of IREDA or Indian Renewable Energy Development Agency Ltd. were trading with gains of 5% on Thursday, June 27.
"And, if it breaks past ₹190, it could go up to ₹230-₹240 a share," he had stated.Satpute's view is similar to that of Vaishali Parekh from Prabhudas Lilladher.
An RSI reading above 70 means that the stock is overbought.IREDA shares made their stock market debut in November 2023 at an IPO price of ₹32 per share.
Within three months of listing, the stock made a record high of ₹214 per share.
The stock has rallied about 90% so far this year.With Thursday's surge, IREDA's market capitalisation also rose to ₹52,761 crore.
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Shares of IREDA or Indian Renewable Energy Development Agency Ltd. were trading with gains of 5% on Thursday, June 27. With today's move, the stock is up 540% from its IPO price.IREDA, a multi-bagger stock, has seen quite a ride in the last seven months of being a public company.At 1 pm, the stock was trading 0.78% higher at196.20 but it is still ₹18 short of its 52-week high ₹214.80, hit on February 6 this year.Technical Analyst Rajesh Satpute believes the IREDA stock will test levels of215 again.In a conversation with CNBC Awaaz, Satpute said he expected IREDA to establish a range between200 to215 and eventually move towards250 within the next eight months to a year.A few days back, the market expert said that IREDA is a good bet as long as the shares remain above ₹160 apiece. "And, if it breaks past ₹190, it could go up to ₹230-₹240 a share," he had stated.Satpute's view is similar to that of Vaishali Parekh from Prabhudas Lilladher. On May 31 this year, Parekh said that the IREDA stock has a strong support at ₹155, and if it crosses ₹195, the shares could go as high as ₹230.The stae-run company's profit rose from to ₹337 crore in the three months ending March 2024, up 33% compared to the ₹253.6 crore a year earlier.The government company, which lends money to renewable energy projects, saw its topline grow 35% year-on-year to ₹481.4 crore in the last three months of the financial year ending March 2024.The company, which achieved the 'Navratna' status in April, plans to become a 'Maharatna' by 2030.On the charts, the Relative Strength Index (RSI) of the IREDA stock stood at 61.7, which means that the stock is neither oversold nor overbought. An RSI reading above 70 means that the stock is overbought.IREDA shares made their stock market debut in November 2023 at an IPO price of ₹32 per share. Within three months of listing, the stock made a record high of ₹214 per share. The stock has rallied about 90% so far this year.With Thursday's surge, IREDA's market capitalisation also rose to ₹52,761 crore.
