IREDA

Share Price: How to trade renewable energy stock? Expert decodes

Share Price: Shares of Indian Renewable Energy Development Agency (IREDA) edged up slightly on Wednesday, closing at Rs 165.21, a gain of 0.15% from its previous close of Rs 164.97. Despite the minor uptick, the stock has shown mixed performance in recent times. Over the past one week, IREDA shares have declined by 5.89 per cent, though they are up 8.78% over the last three months. However, the six-month performance remains negative, with the stock down 20.96 per cent. How to trade IREDA stock ? Commenting on the technical outlook, Nilesh Jain of Centrum Broking told ET NOW Swadesh that IREDA recently witnessed a sharp gap-down opening and has since remained under sustained selling pressure. He noted that the stock is currently trading below its 200-day long-term moving average, a sign of continued weakness. Jain added that the stock has immediate support around Rs 152, and if this level is breached, further downside is likely. Given the current structure, Jain advised traders to avoid taking fresh long positions in IREDA. For those who already hold the stock, he recommended placing a tight stop loss at Rs 162 and exiting if the stock slips below this level. He emphasized that from a short- to medium-term perspective, the technical structure remains weak.