Indian Renewable Energy Development Agency- Breakout Opportunity

Date: 5-Dec-2024
LTP: Rs. 220.86
Targets: (T1) Rs. 265 --> (T2) Rs. 310 --> (T3) Rs. 389
SL: Rs. 183

Technical View:
• IREDA was going through it's primary downtrend since 15-Jul-2024.
• After touching the high of 310 on 15-Jul-2024, it has retraced 41% to 181.40 level.
• IREDA has breakout from it's primary downtrend with higher than average volume.
• IREDA is trading above 20 DEMA and 50 DEMA since last couple of sessions.
• RSI is in buy zone and trading at 62.74. MACD has crossed 0 line on 5-Dec-2024 and trading at 1.19.
• Looking good to start an upward journey from here.

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Disclaimer: I am not a SEBI registered analyst/consultant and not recommending anyone to take any BUY or SELL position in stock market. Investing in stock market is risky and one should do a self analysis and validation before investing in stock market. My ideas are published for learning purpose only and are available to everyone at no cost/charge.