February 18, 2024
IREDA Surges to New Highs on Strong Market Interest
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IREDA Surges to New Highs on Strong Market Interest

IREDA Surges to New Highs on Strong Market Interest Pixabay

IREDA Surges to New Highs on Strong Market Interest

Shares of the Indian Renewable Energy Dev Agency (IREDA) attracted robust buying interest during early morning trading on Saturday. The opening price of IREDA shares today reached ₹141.40 on the BSE and quickly climbed to an intraday high of ₹145.80 per share, marking a new lifetime high during this historic Saturday session.

Positive Market Sentiment Driven by Q3FY24 Expectations

Stock market experts anticipate stability in IREDA’s average cost of funding and net interest margins (NIMs) in the third quarter of the fiscal year 2023-24. They suggest that the market is optimistic about the company’s top-line growth from October to December 2023. Notably, IREDA’s share price recently experienced a technical breakout at the ₹125 per share level, and analysts believe that if the Q3 results align with market expectations, the share price could soon touch the ₹172 zone.

Technical Analyst Forecasts Upward Momentum for IREDA

Shiju Koothupalakkal, Technical Analyst at Prabhudas Lilladher, expresses confidence in IREDA’s upward trajectory. He notes that after the IPO listing, the stock demonstrated strength, witnessed consolidation, and then broke out above the resistance zone of ₹125. Koothupalakkal predicts further upward movement, setting the next targets at ₹156 and ₹172 levels. With an overall positive bias, the analyst expects IREDA’s share price to continue its upward momentum, emphasizing a stop loss of ₹125.

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