IREDA Share Price Overview
As of September 30, 2023, at 12:00 PM, the IREDA share price is at ₹228.25, reflecting a decrease of 1.68% from the previous closing price. The market sentiment aligns with benchmark indices, as Sensex stands at ₹84,607.33, showing a decline of 1.13%. Throughout the trading session today, IREDA’s stock has recorded a high of ₹232.5 and a low of ₹226.1, indicating significant intraday volatility.
Technical Analysis
From a technical standpoint, IREDA is trading above the 5, 100, and 300-day Simple Moving Averages (SMAs), yet it remains below the 10, 20, and 50-day SMAs. This positioning suggests that while the stock has short-term strength, it may face challenges in the medium-term recovery. Key support levels are identified at the 5, 100, and 300-day SMAs, while resistance levels can be expected around the 10, 20, and 50-day SMAs.
Pivot Level Analysis
Analysis of classic pivot levels reveals significant resistance points at ₹236.07, ₹240.28, and ₹246.57. Conversely, key support levels are established at ₹225.57, ₹219.28, and ₹215.07. These levels serve as crucial indicators for traders and investors looking to make informed decisions about entry and exit points in their positions.
Trade Volume and Market Sentiment
Up till midnight, the trading volume for IREDA on the NSE and BSE has seen a drastic decline of 61.90% compared to the previous trading session. A sharp drop in volume could signify waning investor interest, suggesting potential challenges ahead. Analyzing volume trends is essential; a price increase coupled with high volume typically indicates a robust uptrend, while a price decrease with increased volume may point towards further declines.
Fundamental Analysis
The fundamental outlook of IREDA appears promising, with a Return on Equity (ROE) of 17.28%. The stock currently has a Price-to-Earnings (P/E) ratio of 43.68, which indicates that investors are willing to pay a premium for earnings. Analyzing these metrics can provide insights into the company’s profitability and market valuation.
Forecast and Insider Holdings
Looking ahead, analysts foresee a median one-year upside potential of 21.14% for IREDA, projecting a target price of ₹180.00. The company’s promoter holding stands at a substantial 75.00%, while mutual fund (MF) holding has decreased to 0.18% from 0.40% in March, indicating cautious sentiment among institutional investors. Conversely, foreign institutional investment (FII) has seen an increase from 1.36% in March to 2.70% in the June quarter, suggesting growing international interest in IREDA.
Investment Outlook
Currently, IREDA shares are down 1.68%, while the overall performance of its peers is mixed. Stocks such as JSW Infrastructure and Tata Technologies are experiencing declines, while some competitors show signs of resilience. Overall, market conditions indicate a bearish environment, with both Nifty and Sensex recording losses of 1.1% and 1.13%, respectively.
