IREDA Share Price Closes 2.1 Percent Lower; Stock at its Multiple-Month Lows
IREDA share price declined on Tuesday to another multiple-month low at Rs 144.01 . Thst stock closed near its intraday low at Rs 144.2 and could see further downside if market sentiment doesn't improve. IREDA has declined 25 percent in just one month and this selling pressure has taken the top performing PSU stock close to its 52-week lows. Many other PSU counters have already been making multiple 52-week lows over the last few trading sessions but IREDA was still far from its yearly lows. In July 2024, IREDA was top performer as the stock touched Rs 310, nearly 10 times higher than its IPO price at Rs 32. However, markets are looking bearish at the moment and we could see further selling in stocks. There can be a technical pullback rally but market players could sell on rise, bringing the prices down again.
Stock Performance Overview
As of the latest trading session, IREDA's stock exhibited the following metrics:
| Metric | Value |
|---|---|
| Opening Price | ₹144.95 |
| Day's High | ₹151.30 |
| Day's Low | ₹144.01 |
| Market Capitalization | ₹389.25 Billion |
| Price-to-Earnings (P/E) Ratio | 25.28 |
| 52-Week High | ₹310.00 |
| 52-Week Low | ₹121.05 |
Notably, the stock has experienced a significant decline from its 52-week high of ₹310.00, marking a decrease of approximately 53.4%. This downturn may reflect broader market sentiments or company-specific challenges.
Technical Analysis
Candlestick Patterns
A review of IREDA's daily candlestick chart reveals the formation of bearish patterns, indicating potential continued downward momentum. The prevalence of such patterns suggests that sellers currently dominate the market, exerting pressure on the stock price.
Fibonacci Levels
Applying Fibonacci retracement analysis to IREDA's recent price movements provides key levels of potential support and resistance:
0% (Recent Low): ₹144.01
23.6% Retracement: ₹161.58
38.2% Retracement: ₹172.94
50% Retracement: ₹182.00
61.8% Retracement: ₹191.06
100% (Recent High): ₹310.00
These levels can serve as critical indicators for traders, highlighting potential reversal points or areas where the stock may encounter resistance.
Support and Resistance Levels
Current analysis identifies:
Immediate Support: ₹144.01
Immediate Resistance: ₹151.30
A breach below the support level could signal further declines, while surpassing the resistance might indicate a potential reversal or consolidation phase.
