IEX tests ₹100 support as daily downtrend continues

Indian Energy Exchange closed near ₹101.20 and remains in a firm daily downtrend. The price is below the 20-day moving average at ₹106.27 and the 55-day moving average at ₹115.32. Both averages are sloping lower, showing that sellers are still controlling the broader momentum.

The ₹100 level is now the immediate level to watch. It is a psychological support and the stock is attempting to stabilise around it after a sustained fall. A close below ₹100 could invite further weakness, while a successful defence may lead to a short-term bounce. The stochastic oscillator is near oversold territory, with %K around 17 and %D near 20. This indicates that the fall has become stretched, but %K remains below %D, so a confirmed bullish reversal is not visible yet. A crossover from these lower levels could support a relief rally. For recovery, IEX first needs to reclaim ₹106. Above that, ₹115 remains the major resistance because it coincides with the 55-day average. Until the stock moves back above ₹106 with stronger momentum, the setup remains bearish with ₹100 as the critical support.