News related Breakdown (Negative): Indian Energy Exchange (IEX)

IEX has been in a bullish trend since Jun 2024 after taking strong support from 145 levels.
It reached one year high of 263.
Market news on IEX:
IEX cracked over 10% today due to a report that FY25 may implement Market coupling. News reports suggested the Centre will implement market coupling for power exchanges.
Market Coupling will mean these exchanges will trade electricity at one price at any point of time.
If implemented, power exchanges will function as a platform where only buy and sell bids are accepted and power is delivered to the buyer.
Support levels: 200, 187, 167
Resistance levels: 242.
THE IMPLICATION OF MARKET COUPLING HAS TO BE SEEN IN LONG TERM AS THERE ARE SEVERAL CONSTRAINTS IN IMPLEMENTING AT THE PAN INDIA LEVEL.