NSE: IEX Gains 30% from 52 Week low. Is it time to BUY?
Indian energy exchange (NSE: IEX) gained over 30% from its 52 week low, breaking out of its previous resistance of ₹164. The power company has finally made a new higher high after almost three years.
Last four years were rather rough for the company as its share price declined by nearly 65% during this period. IEX made an all time high of ₹318.65 back in October 2021 after which the stock continuously declined. Later, in June 2023, the power company made a 52 week low of ₹116.
Has the trend for IEX changed ?
Shares of IEX went through a phase of accumulation when they were trading near their 52-week low.
This accumulation phase indicates increased buying interest from investors, which gradually builds up over time making it a strong support area.
The presence of such an accumulation zone near the lows is a positive signal for traders. It suggests selling has been exhausted and the stock now has potential for an upward reversal or a fresh uptrend.
IEX later retracted downside after breaking its previous high of ₹164 and now trading near 50% fib level which is a strong psychological support.
The above image shows how Indian Energy Exchange also closed above its short term high of 142 where previous resistance has now become a support for the stock.
IEX Company details
| Company Essentials | Value |
|---|---|
| MARKET CAP | ₹ 13,353.10 Cr. |
| ENTERPRISE VALUE | ₹ 13,288.61 Cr. |
| NO. OF SHARES | 89.17 Cr. |
| P/E | 40.56 |
| P/B | 14.17 |
IEX's Sales growth over 5 years
| Period | Sales Growth |
|---|---|
| 1 YEAR | -5.8% |
| 3 YEAR | 15.97% |
| 5 YEAR | 11.71% |
IEX's ROE% over last 5 years
| Period | ROCE % |
|---|---|
| 1 YEAR | 52.62% |
| 3 YEAR | 59.78% |
| 5 YEAR | 62.15% |
IEX Shareholders details
| Shareholder | Ownership Percentage |
|---|---|
| Public | 60.29% |
| DII (Domestic Institutional Investors) | 26/34% |
| FII (Foreign Institutional Investors) | 12.37% |
Conclusion
On Tuesday’s trading session, IEX fell by 5 points, closing at ₹149.75. However, the structure is still bullish, where the stock is able to make higher highs on daily time frame
Long entries can be made at this level with a Stop Loss of ₹136. Minimum target will be at ₹164, while ₹180 will be a short term target on the higher side.
For long term investors, it will be important to check how IEX performs in its upcoming result which is to come on 1st of May.
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