Inox Wind shares in a downtrend this year, can they recover?

Shares of Inox Wind are in a downtrend this year. The multibagger stock is down 5% this year and lost 15% in six months. However, the green energy stock surged 571% in two years and gained 529% in three years. But profitbooking and weakness in the broader market has dragged the stock 32% from its record high in seven months. Inox Wind stock reached a record high of Rs 262.10 on September 23, 2024. 

In the current session, the multibagger stock climbed 3.52% to Rs 180.70 against the previous close of Rs 174.55 on BSE. Market cap of Inox Wind climbed to Rs 23,337 crore on BSE. Total 8.63 lakh shares of the firm changed hands amounting to a turnover of Rs 15.32 crore on BSE.

Inox Wind shares have a beta of 1.7, indicating high volatility in a year. The green energy stock is trading higher than the 5 day, 10 day, 20 day, 30 day, 50 day, 100 day but lower than the 150 day and 200 day moving averages.

Ravi Singh, SVP - Retail Research, Religare Broking  said, "Inox Wind is showing a strong breakout from a symmetrical triangle pattern with a formation of higher lows on the daily chart. The stock has reclaimed its key moving averages of 50-day and 100-day EMAs, supported by strong volume and price action. Additionally, the weekly RSI is trading above the key mark of 50, with an ATR of 21, indicating sustained bullish momentum. Any corrective fall near the Rs 165-170 level will present a favorable buying opportunity with potential upside of Rs 200 mark in the near term."

AR Ramachandran, SEBI registered Independent analyst says, "Inox Wind is bullish on the Daily charts with strong support at 169. A Daily close above resistance of 189 could lead to a target of 216 in the near term.

Brokerage Anand Rathi has a price target of Rs 199 on the stock. 

After a long consolidation, finally Inox Wind has managed to confirm a breakout above Rs 177 mark. There is a strong base of double bottom formation around Rs 140 zone. Price action is supported with a major range shift in daily RSI. Thus, we advise traders to buy the stock between Rs 179 - Rs 175 with a stop loss of Rs 166 for an upside target of Rs 199," said the brokerage. 

Aditya Gaggar, Director of Progressive Shares expects the stock to hit a target of Rs 230 in the near term. 

"Inox Wind Ltd has given a breakout from the Symmetrical Triangle Pattern, which was confirmed with a breakout in the oscillator RSI. The stock is quoting well above its short-term moving averages. As per the pattern, the target comes to Rs 230," said Gaggar. 

Inox Wind Limited (IWL) is India’s leading wind energy solutions provider servicing IPPs, Utilities, PSUs & Corporate investors. IWL is a part of the US$ 12 BN INOXGFL Group which has a legacy of over nine decades and is primarily focused on two business verticals - chemicals and renewable energy.