Shares of solar panel maker Waaree Energies Ltd are down 24% in the last five sessions as concerns about the policy direction under new US President Donald Trump mount. The stock is under pressure on fears of rising tariffs on solar imports. Investors are also worried over a potential rollback of pro-renewables legislation in the US, a major market for Indian solar exporters, which will impact the sentiment around the Indian solar stocks.
Waaree Energies stock slipped 7.47% on Tuesday to Rs 2031 against the previous close of Rs 2195.10. The market cap of the firm stood fell to Rs 59,611 crore .
Total 1.35 lakh shares of the firm changed hands amounting to a turnover of Rs 28.15 crore on BSE.
Waaree Energies stock has been falling since January 21.
Jigar S Patel, manager at Anand Rathi said, "Support will be Rs 2,000 and resistance at Rs 2230. A decisive move above the Rs 2230 level may trigger a further upside of Rs 2,500 . The expected trading range will be between Rs 2000 to Rs 2500 in the short-term."
Kushal Gandhi, Technical Analyst, StoxBox said, "The share price of Waaree is currently experiencing a phenomenon commonly known as 'IPO disease.' This term refers to the trend where newly listed companies often enjoy a significant initial spike in their share price, which is typically followed by a swift decline after a few trading days. In the case of Waaree, the stock surged by 62% from the listing day’s low to a peak of Rs 3743 within just 7 trading sessions. However, this was followed by substantial selling pressure, resulting in a decline of 43% from that peak. The stock is now trading below its listing day low of Rs 2300, which has become a significant overhead resistance level. The persistent selling pressure is highlighted by the fact that in the last 32 trading sessions, the stock has only recorded positive closes in 6 of them. Currently, the RSI is moving downward within the oversold zone, showing no divergence from the price and indicating a lack of price momentum. Consequently, we advise against purchasing shares of Waaree at the current market price."
A R Ramachandran, SEBI registered Independent analyst says, "Waaree Energies stock price is bearish but also oversold on the Daily charts with next support at 1906. Investors should buy only if Daily close is above resistance of 2268 for a target of 2685 in the near term."
Waaree Energies is an Indian manufacturer of solar PV modules with an aggregate installed capacity of 12 GW. Its product portfolio includes solar energy products consisting of the PV modules such as multicrystalline modules; Monocrystalline modules; and TopCon modules.