Indian Energy Exchange jumps over 4%, further momentum likely above 200-day EMA

After made a life time high at Rs 318 levels the stock corrected and has bottomed out near its 61.8 percent Fibonacci retracement level of previous advance from Rs 37 to 318 levels.

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Indian Energy Exchange shares gained 4.2 percent on March 15 and formed a long bullish candlestick pattern on the daily charts with a long upper shadow, indicating a bit of profit-taking at higher levels. The stock closed at Rs 151.45 on the NSE, which is closer to 200-day SMA.

The stock struggled to get back above the 200-day SMA (simple moving average – Rs 151.53) but faced a bit of selling pressure at around similar levels. Also on an intraday basis, it went closer to 200-day EMA (exponential moving average – Rs 155) after around six months of consolidation between Rs 130-150 levels.

If the stock gets back above these levels (SMA and EMA) in coming sessions, then there could be a possibility of hitting previous swing highs of Rs 165 and then Rs 176 levels, whereas Rs 142 is expected to act as a support level, then Rs 132.5, which is a crucial support line for the stock, experts said.

“The stock has been languishing and has been in a downward trajectory since November 2021. The stock seems to have stabilized in the range of Rs 135 – 150 over the last 6 months odd and appears to have formed a base. The recent price action was also aided by strong volume, which does look encouraging from a near-term standpoint,” Viraj Vyas, Technical & Derivatives Analyst – Institutional Equity at Ashika Stock Broking said.

He feels the stock is likely to gain further momentum once it surpasses Rs 155 (200-day EMA) and can test its previous swing high of Rs 165-level.

The stock has been making a higher high higher low on the daily charts and the trading volume was robust, which is a positive sign. On the monthly scale, too, there were higher highs higher lows for the second consecutive month.

Vidnyan Sawant, AVP – Technical Research at GEPL Capital also said the stock sustaining at 6-month high indicated a strong positive undertone for the medium to long term.

After making a lifetime high at Rs 318 levels, the stock corrected and bottomed out near its 61.8 percent Fibonacci retracement level of the previous advance from Rs 37 to 318 levels.

One can buy the stock for the upside move of Rs 175 & Rs 210 levels and stop-loss should be placed at Rs 129 levels on the closing basis, Vidnyan advised.

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