IREDA & Zomato: Here's what Rajesh Palviya of Axis Securities says on these 2 stocks

Rajesh Palviya, Head Technical Research at Axis Securities, on Thursday, shared his views on select stocks, including Indian Renewable Energy Development Agency (IREDA) Ltd and Zomato Ltd. When asked about IREDA, the market expert said the counter has witnessed very strong momentum recently and moved up sharply from Rs 200 level to breach the Rs 300 zone.

"Some profit-taking is happening but the trend is still on the bullish side. One should deploy a trade around the Rs 250 range, keeping a stop loss placed at Rs 238. Until the stock holds this level, the trend may remain positive. Once it crosses Rs 265-270 levels, we can see a resumption of the rally and then possible upside targets will be Rs 310-320," Palviya told Business Today TV.

IREDA shares continued their downward move for the second straight session. The stock slipped 7.49 per cent to hit a day low of Rs 251.85. It was last seen trading 4.83 per cent down at Rs 259.10. At this price, the multibagger counter has gained 147.40 per cent on a year-to-date (YTD) basis. With that being said, IREDA's share price has seen a massive uptick from its initial public offering (IPO) price of Rs 32. It was listed on November 29 last year.

On Zomato shares, the analyst from Axis Sec said the scrip is witnessing profit booking at higher levels. "Till the stock is holding Rs 205 level, there's no such worry in terms of trend, which is likely to remain on the bullish side. One should use this decline as a buying opportunity. Rs 205 should be your stop loss to buy these dips. On the higher side, once the stock crosses the Rs 230 mark, then this rally can extend up to Rs 260 level. From a positional perspective, investors can deploy a trade using the 'buy-on-dip' strategy," Palviya stated.

Zomato today fell 3.33 per cent to hit a low of Rs 210.20. Last checked, the counter was trading 1.17 per cent lower at Rs 214.90. At this price, the scrip has surged 72.61 per cent in 2024 so far.

The online food aggregator has recently informed that it has dissolved a step-down subsidiary (Zomato Slovakia) situated in Slovak Republic.

During the fourth quarter (Q4 FY24), the food delivery platform reported a consolidated net profit of Rs 175 crore as against a loss of Rs 189 crore in the year-ago period.