IREDA Share Price Overview
As of October 1st, 2023 at 11:00 AM, IREDA shares are trading at ₹231.9, reflecting a decline of 1.38% from the previous closing price. In contrast, the Sensex is showing slight upward movement at ₹84381.03, with a gain of 0.1%. During the trading session, IREDA’s stock reached a high of ₹237 and a low of ₹231.35, indicating a narrow trading range today.
Technical Analysis
From a technical perspective, the stock is positioned above the 5, 10, 20, 100, and 300-day Simple Moving Averages (SMA), while it remains below the 50-day SMA. This pattern suggests that while there is short-term bullish sentiment, the stock may face resistance at the 50-day SMA level. The key support and resistance levels identified through classic pivot level analysis are vital for traders to monitor.
Support and Resistance Levels
Key Resistance Levels | Key Support Levels |
---|---|
₹239.04 | ₹228.31 |
₹243.39 | ₹221.93 |
₹249.77 | ₹217.58 |
Trading Volume Insights
As of 11 AM on the same day, trading volume on the NSE and BSE for IREDA has decreased by 46.66% compared to the previous session. Trading volume is an essential metric to consider alongside price movements, as it provides insight into market trends. A positive price movement accompanied by high volume typically indicates a sustainable uptrend, whereas a decrease in price with increased volume can signal potential further declines.
Fundamental Analysis
From a fundamental analysis standpoint, IREDA boasts a Return on Equity (ROE) of 17.28%. Additionally, the current Price-to-Earnings (P/E) ratio stands at 44.19. Such metrics give investors an idea of the company’s profitability and growth potential in the competitive market.
Market Forecast
The median one-year forecast for IREDA shares indicates a potential upside of 22.38%, with a target price estimated at ₹180.00. Investing in stocks like IREDA could be appealing given the positive market sentiment and potential for growth.
Shareholder Composition
According to the latest filings for the June quarter, IREDA has a promoter holding of 75.00%. The Mutual Fund (MF) holding has decreased from 0.40% in March to 0.18%, while Foreign Institutional Investor (FII) holding has increased from 1.36% to 2.70%. This shift could suggest a growing interest from foreign investors, contrasting with the reduction in mutual fund participation.
Peer Comparison
Today, IREDA shares are down by 1.38%, while its peers show a mixed performance. Companies like JSW Infrastructure are experiencing declines, whereas Tata Technologies and GO DIGIT GENERAL INSURANCE are on the rise. Overall, the benchmark indices Nifty and Sensex are both up by 0.13% and 0.1%, respectively, reflecting a cautiously optimistic market environment.