Indian Energy Exchange Ltd

NSE :IEX   BSE :540750  Sector : Miscellaneous

About Company: Indian Energy Exchange is a Power Exchange, licensed by the Central Electricity Regulatory Commission (CERC) for spot trading in power / electricity and trading of Renewal Energy Certificate (REC) and Energy Saving Certificates (ESCerts). The main activity of the company is to provide an automated platform and infrastructure for carrying out trading in electricity units for physical delivery of electricity.

Technical Outlook of IEX:

In the last trading session on Friday 08-oct-2021 stock locked in upper circuit and finally closed at 695.90 on NSE. Stock is in buzz due to energy shortage being anticipated in India. Technically stock is trading in Up trending channel pattern. As marked on the above chart, if we look at RSI it can be observed RSI has started gaining momentum.

Stock on Monday if it sustains above 705 we may see another leg of rally in the stock. Any correction in the stock towards 670 level would be a buying opportunity in the stock. For the Short term we suggest to keep stock in the Watch list and stop loss for the long position should be maintained below 660.