Inox Wind shares rise 10%, reclaim Rs 200 mark; what's next?

Shares of Inox Wind Limited (IWL) rose 10% today amid high volatility in the broader market today. Inox Wind shares rose 9.75% to Rs 209.80 on Monday against the previous close of Rs 191.15 on BSE. Market cap of Inox Wind rose to Rs 26,245 crore on BSE. Total 20.20 lakh shares of the firm changed hands amounting to a turnover of Rs 41.21 crore on BSE. The stock has gained 36% in six months and risen 54.52% in 2024. The multibagger stock has climbed 181% in a year and gained 534% in two years.

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 30 day, 50 day, 100 day and higher than the 5 day, 10 day, 20 day, 150 day and 200 day moving averages.

Kushal Gandhi, Technical Analyst, StoxBox said, "The share price of Inox Wind is showing early signs of regaining bullish strength after a significant decline of nearly 31% over the course of 40 trading sessions. Today’s movement has recorded the highest intraday gains seen in the last 74 trading sessions, and this surge has occurred alongside the highest volume recorded for the quarter, reflecting relatively stronger momentum and a recovery of shorter-term moving averages. This suggests that passive buyers are gradually gaining strength from the frustrated sellers, which is a positive development. Additionally, the RSI on both daily and higher timeframes is trading well above its median without showing any divergence from the price, indicating the potential for further bullish momentum. On the price action front, the 50 DMA is expected to serve as immediate overhead resistance, and a close above the average line could attract additional bullish strength. We recommend purchasing shares in the range of Rs 204- Rs 202, aiming for a target price of 226, with a stop loss set at Rs 192."

AR Ramachandran, an independent Sebi registered research analyst said, "Inox Wind stock price is  bullish on the Daily charts with strong support at Rs 188.45. A Daily close above the resistance of Rs 209 could lead to  Rs 234 in the near term."

Inox Wind reported a profit of Rs 90 crore in the las t quarter compared to a loss of Rs 27 crore in the year-ago period. Revenue in Q2 rose 93% year-on-year to Rs 742 crore from Rs 384 crore a year ago.

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.