The benchmark Sensex and Nifty finished at new records on July 15, Monday. helped by the purchase of PSU bank shares and new capital inflows from foreign sources.
The 30-share BSE The Sensex rose 145.52 points which is 0.18 percent and set an all-time record of 80,664.86. The index gained 343.2 points which is 0.42 percent, to reach the record maximum of 80,862.54. In the afternoon, the NSE Nifty gained 84.55 points in the range of 0.35 percent and closed at an record-setting highest of 24,586.70. The Nifty increased 132.9 points (or 0.54 percent in a record-breaking highest of 24,635.05. Read घर खरीदने वालों की मुश्किलें बढ़ी, बजट 2024 में वित्त मंत्री करेंगी ये बड़ा ऐलान!
However, the BSE-listed companies’ market capitalisation has hit an all-time record of Rs 455 crores on the Monday helped by a record-breaking surge in stock prices.
However, IREDA’s stock has been on the news and why is that? The company that became public in the month of December 2023, has risen 360 percent over the first 8 months.
IREDA (Indian Renewable Energy Development Agency Limited) is a public sector renewable energy company, announced its first quarter outcome this week. In the wake of its June-July quarter results that the stock climbed 9 percent today and reached the record-breaking highest of Rs 300. Today, the stock was trading at 291 (IREDA Stock Price) in the upward direction, which was which is up 2.48 percent. But the most important moment is the fact this: the company is anticipated to earn profits after the report for June’s quarter.
Should you purchase or trade IREDA shares?
The idea is that investors are trying in order to gain from selling IREDA because, first of all the stock has taken advantage of its positive triggers. If we take a look at the price’s movements in the past, it has increased by nearly 18 percent over the last five trading sessions. It has also it has returned 62% within a single month, and a whopping 138 percent over the last six months.
Choice Broking’s Equity Research Analyst Deven Mehta explained that, on the daily chart the stock has been creating higher highs and higher lows in an upward trend. It is locating a resistance level at 230. This is within it’s 20-day exponentially moving average (EMA). It is within its medium-term (20 days) and medium-term (50 days) EMA levels, which indicates an optimistic outlook.
Why is it beneficial to market IREDA?
As per the analysts the profit-booking has been noticed on the stocks from the price of Rs 310. This is as a result of which one needs to be aware when buying new shares, since any new purchase here is somewhat risky. Investors who have this stock from lower levels may be able to earn profits in the present price. For those looking to establish new long positions, it is recommended to be patient and wait for a decline to the 230, the strong support level. which is where the risk-reward percentage is better for them.