Navratna PSU stock, IREDA shares gains over 8.5% for the fifth day in a row

Shares of Indian Renewable Energy Development Agency (IREDA) Ltd rallied as much as 8.5% on Thursday, November 28, as the rebound in many state-run companies continued throughout this week. This is the fifth straight day of gains for the state-run renewable energy financier. The stock had gained another 3.5% on Wednesday as well. Shares of IREDA have gained 15% during these five days.

In the five-day recovery period, the stock has crossed its 200-day Moving Average, which was placed at a level of Rs 199, and is now testing its 50-day Moving Average on the upside, which is at a level of Rs 211. IREDA had made an intraday high of Rs 213 on Thursday.

 

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On the charts, IREDA is currently in neutral territory, with its Relative Strength Index (RSI) at 56, which means the stock is neither "overbought" nor is it "oversold." IREDA shares had made a record high of Rs 310 in July this year, which at that point was a return of nearly 10x from its IPO price of Rs 32 in less than a year of listing. The stock corrected over 40% from those levels, making a low of Rs 181 on November 22 before moving higher in line with the broader PSU rebound.

Shares of IREDA are currently trading 4.5% higher at Rs 206.17. Despite the recent correction, the stock is still up 97% so far in 2024.

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