Indian Renewable Energy Development Agency (IREDA) shares have declined by 9.65% in the last five days, and have seen a decline of 14.92% in a month, raising investor concerns. On Thursday, November 14, 2024, the stock closed at Rs 190 with a gain of 1.30%.
Expert advice
According to stock market expert Abhishek Shukla, the decline in IREDA stock may continue in the next one-two months. Currently its support level is at Rs 192, while its swing low is between Rs 180 to Rs 185. Experts believe that if this level is broken, the stock price may fall to Rs 145-150. However, from a long term perspective this stock has the potential to give good returns.
Strategy on IREDA Shares
Stock market experts believe that investors should be prepared for averaging here. At the level of Rs 150-160, it may provide a good buying opportunity for investors. Currently, the stock may see a correction of 4-5%, but due to its strong long-term price structure, it may reach the level of Rs 280-290 in the coming year. Therefore experts have advised to adopt the strategy of “buy on dips”.
IREDA’s multibagger return
In the last six months, IREDA has given a return of 15.54%, while in one year it has given a whopping 214.08% return. The stock has also provided a return of 80.08% on a YTD basis.
Disclaimer: Consult your financial advisor before investing.