Waaree Renewable Tech shares zoomed 554% year-to-date; what's next for this multibagger?

Shares of Waaree Renewable Technologies Ltd on Monday settled at their 5 per cent upper circuit limit of Rs 2,871.40. At this price, the multibagger stock has rallied 554.33 per cent in 2024 so far. What requires to be mentioned here is that the counter went ex-spilt in a ratio of 5:1 earlier this year on March 15.

The company, in a BSE filing today, said, a board meeting will be held on May 10 to consider of audited financial results for the quarter and financial year ended on March 31, 2024. It will also consider the matter pertaining to recommendation of dividend to the shareholders for FY24, Waaree Renewable added.

On technical setup, near-term support on the counter will be around the Rs 2,600 zone. And, a decisive breach above Rs 3,030-3,040 levels is required for further upmove.

Ravi Singh, Senior Vice-President (Retail Research) at Religare Broking, "The stock can hit Rs 2,950 level in the near term. Keep stop loss placed at Rs 2,800."

AR Ramachandran from Tips2trades said, "Waaree Renewables is bearish and overbought on daily charts with strong resistance at Rs 3,040. A daily close below support of Rs 2,613 could lead the stock to a lower level of Rs 2,182 in the near term."

Jigar S Patel, Senior Manager - Technical Research Analyst at Anand Rathi Shares and Stock Brokers, said, "Support will be at Rs 2,600 and resistance at Rs 3,030. A decisive close above Rs 3,030 level may trigger a further upside till Rs 3,300. The expected trading range will be between Rs 2,600 and Rs 3,300 for a month."

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.

As of March 2024, promoters held a 74.46 per cent stake in the small-cap power generation firm.