On September 16, 2024, the Indian Renewable Energy Development Agency (IREDA) shares saw a slight drop of -1.38%, trading at ₹228.40. This comes as the broader market indices, Nifty and Sensex, recorded minor gains, with Nifty up by 0.13% and Sensex by 0.12%.
Key Highlights of IREDA’s Stock Movement
- Opening Price: ₹232.25
- Closing Price: ₹228.40
- Day’s High: ₹233.60
- Day’s Low: ₹227.50
Technical Analysis 💹
IREDA’s stock is trading above the 100-day and 300-day Simple Moving Averages (SMA), indicating long-term strength. However, it is below the 5, 10, 20, and 50-day SMAs, suggesting short-term resistance.
- 5-Day SMA: ₹230.01
- 10-Day SMA: ₹232.66
- 20-Day SMA: ₹241.27
- 50-Day SMA: ₹249.03
- 100-Day SMA: ₹213.37
- 300-Day SMA: ₹175.72
Volume Analysis 📊
- Volume traded today is 26.21% lower than the previous session.
- Low volume with a price drop could signal limited momentum or a lack of strong market sentiment.
Fundamental Insights 🧮
- Return on Equity (ROE): 17.28% – indicating solid profitability.
- P/E Ratio: 43.57 – suggesting the stock may be trading at a premium.
- Promoter Holding: 75%
- Mutual Fund Holding: 0.18%
- Foreign Institutional Investor (FII) Holding: 2.70%, an increase from 1.36% in the March quarter.
Peers’ Performance 🌍
IREDA’s peers showed mixed performances, with JSW Infrastructure and GO DIGIT GENERAL INSURANCE seeing declines, while Tata Technologies experienced gains.
While IREDA’s stock is facing short-term resistance and lower volume, its long-term technical indicators remain strong. Keep an eye on market trends and fundamental data for potential long-term opportunities!
Quinn Coyote