Indian Renewable Energy Development Agency Ltd. (IREDA) has seen a big change in its share price since the start of this year. The company made its stock market debut in November 2023 with an IPO at ₹32. On November 30, 2023, the stock listed at ₹48, giving investors an instant gain of ₹16 per share.
IREDA Share Price Performance
After this, the stock kept climbing and touched an all-time high of ₹310 in July 2024. But since then, the journey has been rough, as the price started falling and went down to as low as ₹137.
In the range of ₹137 to ₹142, the stock created what experts call a “triple bottom,” which means the price touched that level three times but did not fall lower. Most recently, IREDA closed at ₹145.89 on Friday, showing a small gain of 1.30%. The company’s market value stands at ₹39,120 crore, but despite that, the stock has dropped about 35% in the past year.
At the start of this month, the stock again touched a low of ₹138. At that point, a key indicator called RSI (Relative Strength Index) was below 30, showing that the stock was oversold. Some fresh buying has now started from this zone, which may give the stock short-term support.
Analysts Suggestion
Looking at its daily chart, the stock is still in a downward trend. Analysts suggest that before a strong upward move can happen, the stock may need to spend some days consolidating around the current levels. At present, there is no big trading volume, so a quick bounce is not expected.
For the price to rise with strength, IREDA must first close above ₹152. If it manages this, it could attempt a stronger recovery. On the flip side, if the stock falls below ₹137, it might see another round of decline.
IREDA Share Price Target 2025, 2026, 2027 to 2030
