IEX breaks support since 2026, trend stays under pressure

closed at ₹112 and slipped under an important support area near the same zone. Price is below the Ichimoku conversion line at ₹115.99, below the base line at ₹118.77 and below the cloud, which keeps the setup decisively weak. IEX remains a direct play on India’s growing short-term power market, with volumes driven by day-ahead trading, real-time demand and the broader push toward market-based electricity pricing. That is the long-term theme. But the stock has been struggling with weak price behaviour for many months, and the current chart suggests the market is not willing to pay up for that theme yet. The earlier support band around ₹112 was important because it had held multiple times during the recent consolidation. That floor has now been tested again with price sitting under the cloud and under both Ichimoku reference lines. My reading is simple: the trend is still in favour of sellers unless the stock quickly reclaims the ₹116 to ₹119 zone. That band now becomes the first resistance cluster, followed by the cloud area closer to ₹122 to ₹123. On the downside, if ₹112 does not hold on a closing basis, the chart can drift toward lower levels with ₹108 becoming the next area to watch. For now, the structure remains bearish and the burden of proof is still on buyers.