Inox Wind shares slip 35% from record high, time to buy?

Shares of Inox Wind Ltd (IWL) have tumbled 35% from their record high in five months. The multibagger stock, which hit a high of Rs 262.10 on September 23, 2024 was trading at Rs 168 in the afternoon session today. Inox Wind stock has turned weak in the short term. The renewable energy stock fell 21% in six months and lost 11% in three months. Inox Wind shares are down 9.66% this year. But in the long term, it has clocked multibagger returns. The stock rose 604% in two years and 464% in three years. 
 
The multibagger stock climbed 5.81% to Rs 172.90 on Wednesday against the previous close of Rs 163.40 on BSE. Market cap of Inox Wind climbed to Rs 22,034 crore on BSE. Total 1.44 lakh shares of the firm changed hands amounting to a turnover of Rs 2.41 crore on BSE.

Ameya Ranadive Chartered Market Technician, CFTe, Sr Technical Analyst, StoxBox said, "It is currently trading around Rs 171, hovering near a minor support level at Rs 162. The stock has shown signs of accumulation with a notable pickup in volumes recently, indicating buying interest at lower levels.  The MACD indicator has given a bullish crossover, reflecting a positive shift in momentum. Additionally, the Average Directional Index (ADX) stands at 20.73, showing a mild trend strength, with the +DI above the -DI, further supporting a potential bullish bias. Traders may consider buying Inox Wind at current levels, with a stop loss at Rs 155. The stock can potentially rally towards Rs 188–200 over the next few months if the broader market sentiment remains supportive."

ICICI Securities has a buy call on Inox Wind with a target price of Rs 245.

"The INOXGFL group is spreading its wings beyond WTG (and related services) to become a forward-integrated comprehensive renewables player. The vision of the group is to be present across the value chain in India's pursuit for energy transition. The group aims to leverage the solid foundation of Inox Wind to piece together the rest of the puzzle," said the brokerage.

AR Ramachandran, SEBI registered Independent analyst says, "Inox Wind is slightly bullish on the Daily charts with strong support at Rs 164. A daily close above resistance of Rs 189 could lead to a target of Rs 227 in the near term."

Inox Wind shares have a beta of 1.5, indicating high volatility in a year. The multibagger green energy stock is trading lower than the 5 day, 10 day, 50 day, 100 day, 150 day, 200 day and higher than the 20 day and 30 day moving averages.

Inox Wind is an India-based integrated wind energy solutions provider. The company is engaged in the business of manufacture and sale of wind turbine generators (WTGs). It also provides erection, procurement and commissioning (EPC), operations and maintenance (O&M) and common infrastructure facilities services for WTGs and wind farm development services.