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Price and trend forecast of IREDA for Tomorrow, Weekly, Monthly

Indian Renewable Energy Development Agency Limited

Symbol: NSE:IREDA

ISIN: N/A

160.05

As on 2024-04-16

50.00 (52W Low) 214.80 (52W High)

IREDA's Today's Performance

Indian Renewable Energy Development Agency Limited started the day by opening at 156.00 today 2024-04-16. Its shares reached a high of 163.50 and dipped to a low of 155.50 in intraday. When the markets closed, IREDA’s stock price settled at ₹160.05 per share. Also check out its key support and resistance levels.

IREDA Buy/Sell Targets

Tomorrow, buy IREDA when its price reaches ₹ 160.05 with a stop-loss order at ₹ 155.62. You can set the target price as ₹ 164.48 to capture potential gains. This buy position balances the risks and rewards evenly, aiming for a 1:1 risk-reward ratio.

In the sections below, we will discuss detailed share price target of IREDA for tomorrow's session along with weekly support and resistance. Please note that these share targets analysis is only valid for tomorrow and the current trading week and month.

Important Resistance for IREDA

Resistance Levels Value in ₹
Tomorrow Resistance 1 164
Tomorrow Resistance 2 168
Tomorrow Resistance 3 172

Important Supports for IREDA

Support Levels Value in ₹
Tomorrow Support 1 156
Tomorrow Support 2 152
Tomorrow Support 3 148
Based on where the stock opens tomorrow, if IREDA opens on a positive note, our first target will be ₹164. If Target 1 is achieved, we will aim for Target 2 which is ₹168.

But if IREDA falls below the average value of ₹159.68, you can enter a sell side position with target number 1 - ₹156 and second target - ₹152 This average value also act as support and resistance level. When the stock is trading above the average, it will act like support area. Another important thing is, stocks usually get back to this average value when the price trades too far from avg. In simpler words we can consider the average price as a magnet.

Daily Volume chart of IREDA

Looking at IREDA, we've seen a Decreasing trend in its trading volume over the past week, which really tells us how active traders have been with this stock.

In terms of its price, IREDA has been on a Upward path, giving us insights how its value changes in the market.

Based on this, the predicted sentiment for IREDA is moderate bullish.

Tomorrow's Volume based share price Forecast for IREDA

IREDA's Volume is currently in a Decreasing trend, and Price is in a Upward direction. Therefore, we can say the stock is in a moderate bullish trend. Volume trend strength over the last month compared to the last week is 93%.

Reversal detection for IREDA

Predicted trend chart of IREDA tomorrow for price forecast
IREDA may trend may continue to be bullish since stock is making higher highs and we can get target of ₹158 in morning tomorrow
Target 1 tomorrow163
Target 2 tomorrow165
Target 3 tomorrow168
 

Investferry’s trend analysis method detects short term overbought and oversold situations to identify reversal in stocks. Use this as reference for short term counter trend trades.

Combine this trend forecast with IREDA's tomorrow's target prediction and you will have a base for what can be done in the upcoming trading session.

Based on where the stock opens tomorrow, if IREDA opens on a positive note, our first target will be ₹163.87. If Target 1 is achieved, we will aim for Target 2 which is ₹167.68.

But if IREDA falls below the average value of ₹159.68, you can enter a sell side position with target number 1 - ₹155.87 and second target - ₹151.68

IREDA's Weekly Targets
1st Up Target 164.62
2nd Up Target 169.18
1st Down Target 154.37
2nd Down Target 148.68

As the week for IREDA ended on bearish sentiments, we can expect further continuation of this sentiment. IREDA's initial target will be 164.62 for the coming week if it continues to trade higher. But if it fails, we can see lower targets of 154.37 in the upcoming week.

Weekly OHLC Values
Open 160.30
High 163.50
Low 153.25
Close 160.05

Week for IREDA started with an open price of 160.30, and the close was at 160.05. IREDA reached the highest of 163.50 and dipped lowest up to 153.25 last week. This indicates a bearish sentiment for the week.

IREDA full month swing targets
Monthly Up Target 1 174.87
Monthly Up Target 2 179.43
Monthly Down Target 1 144.12
Monthly Down Target 2 128.18

Targets of ₹174.87 can be expected to be reached in the coming month. Once IREDA achieved this target, we can aim for the next upside target of ₹179.43.

IREDA if fails to hold upside, down targets of ₹144.12 and ₹128.18 can be achieved by end of this month.

For complete three weeks if IREDA is bullish, the stock may decline in the last week on the month as traders usually close their positions. So in this case, you should aim for weekly support level which will act as targets here.

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Summary

IREDA is expected to reach the target of 163.87 in tomorrow's trading session.

After achieving the initial target in IREDA, we will aim for higher targets of 167.68 tomorrow.

However, if IREDA starts to trade below ₹159.68, then we will shift our focus to the sell side and aim for down targets of 155.87 and 151.68.