Waaree Renewable Tech shares jump 47% in a month after stock-split; here’s what analysts say – EQ
In Short – Shares of Waaree Renewable Tech have surged by an impressive 47% in just a month following a stock-split, prompting analysis from industry experts. Analysts commend the move, attributing the sharp rise to increased investor confidence and positive market sentiment. This uptrend reflects strong optimism in Waaree Renewable Tech’s future prospects and underscores the company’s robust position in the renewable energy sector.
In Details – Waaree Renewable Tech share price: The stock jumped 5 per cent to hit a one-year high value of Rs 2,071.05. At this price, the stock has gained more than 47 per cent. Last month on March 15, the counter went ex-spilt in a ratio of 5:1. Shares of Waaree Renewable Technologies Ltd extended their gains in Monday’s trade. The stock jumped 5 per cent to hit a one-year high value of Rs 2,071.05. At this price, the stock has gained more than 47 per cent. Last month on March 15, the counter went ex-spilt in a ratio of 5:1. Bourses BSE and NSE have put the securities of Waaree Renewable Tech under the long-term ASM (Additional Surveillance Measure) framework. Exchanges put stocks in short-term or long-term ASM frameworks to caution investors about high volatility in share prices. Immediate support on the counter could be seen at Rs 2,000. And, major support is situated at the Rs 1,640 zone. Ravi Singh, Senior Vice-President (Retail Research) at Religare Broking, said Waaree Renewable’s stock still looked strong on daily charts. “Expected near-term target will be Rs 2,150. Keep stop loss placed at Rs 2,000,” he stated.
Shiju Koothupalakkal, Technical Research Analyst at Prabhudas Lilladher, said, “The stock has been surging ahead with series of upper circuits visible picking up from Rs 1,275 zone and indicators currently hovering near the highly overbought zone.” One can stay cautious in this counter as chart patterns show erratic moves with series of lower circuits as well once exhaustion creeps in, Koothupalakkal mentioned. Major support is visible near the Rs 1,640 zone, he added. The counter traded higher than the 5-day, 10-, 20-, 30-, 50-, 100-, 150-day and 200-day simple moving averages (SMAs). The stock’s 14-day relative strength index (RSI) came at 52.28. A level below 30 is defined as oversold while a value above 70 is considered overbought. The scrip saw heavy trading volume today as around 12.78 lakh shares were last seen changing hands on BSE. The figure was higher than the two-week average volume of 4.83 lakh shares. Turnover on the counter came at Rs 253.89 crore, commanding a market capitalisation (m-cap) of Rs 21,569.31 crore. There were 51,825 buy orders against sell orders of 2,536 shares.
