With the kind of fall that IEX shares have seen, would this be a buying opportunity? Here is what some chartists had to say:
“IEX has witnessed a substantial impact after breaching below its previous month’s support base of ₹160. This level acted as a crucial zone during the this series when the stock staged a strong bounce towards ₹172. However, it failed to surpass the 50-DEMA and 200-DEMA hurdles, placed around ₹172 and ₹174, respectively, indicating persistent supply pressure at higher levels,” said Sacchitanand Uttekar of Tradebulls.On the downside, the stock is approaching multiple support zones near ₹150 (200 W-EMA) and ₹145 (50 M-EMA), which could offer stability after the recent sharp correction. Considering the confluence of these technical supports, it is advisable to avoid impulsive shorts at current levels and wait for rebound signals to gain further clarity on the next directional move,” he added.
Jigar Patel of Anand Rathi also sees a key support for IEX at levels of ₹150, while an upside resistance is at ₹160. “A strong breakout above ₹160 could push the stock toward ₹174. However, if it fails to hold ₹150, further downside toward ₹145 is possible. The stock is expected to trade within a short-term range of ₹145 to ₹174 . Traders should watch for a decisive move beyond these levels for potential trend confirmation,” he added.
Out of the 12 analysts that have coverage on IEX, eight of them have a “buy” rating on the stock, one has a “hold” rating and three of them have a “sell” rating on the stock. Consensus implies a potential upside of 30% from current levels for IEX.
Shares of IEX are currently trading 6.9% lower at ₹154.82.
