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IREDA Shares Rally: Seventh Heaven or Selling Opportunity?
9 Nov
Summary
- IREDA shares extended winning streak to seven sessions.
- Stock surged nearly 20.43% over the winning run.
- Expert advises reviewing positions in the Rs 117-124 selling zone.
Indian Renewable Energy Development Agency (IREDA) shares experienced a significant rally, marking their seventh consecutive winning session by November 9, 2026. The stock saw an intraday surge of up to 8% on the NSE, closing at Rs 119.71. This recent advance brings the total gain to approximately 20.43% over the past week.
Despite the upward trend, market experts express caution. An analysis indicates IREDA shares have been in a lower-high, lower-low structure across daily, weekly, and monthly charts, correcting nearly 67.7% over the past 567 days. A key Rs 117-124 range is identified as a major selling zone during any pullback, with investors advised to consider exiting if selling pressure emerges.
IREDA reported its second-quarter results on October 19, 2026. The company posted a modest 1% year-on-year increase in standalone profit after tax (PAT) to Rs 554 crore. Revenue from operations grew 14% to Rs 2,345 crore, while loan disbursements saw a significant 31% increase. Asset quality also improved, with net non-performing assets (NPAs) declining to 1.08%.
Analysts suggest IREDA may require another 1 to 1.5 years to establish a stable base. The stock's performance over the past year has been under pressure, delivering negative returns of around 23-24%. The 52-week high for IREDA shares was Rs 153.45, with a low of Rs 98.80.
