Select solar energy-related stocks can rally up to 26%, hint tech charts.
Shares of solar energy-related stocks have been gaining investor traction, with the likes of ACME Solar Holdings surging as much as 55 per cent thus far this calendar year. That apart, KPI Green Energy and Borosil Renewables have rallied around 18 per cent and 19 per cent, respectively in the same period.
In order to meet the rising need for electricity, the Ministry of New and Renewable Energy in India has set a target of 500 GW non-fossil-based electricity generation by 2030, which as per reports is almost 2x from current installed capacity. So while opportunities seem to be galore in the solar energy-related space, the industry faces challenges from the US tariffs, and high reliance on China. READ REPORT From the market technical perspective, solar related stocks could display a mixed trend going ahead. Here’s a technical outlook on 5 prominent stocks from the energy sector.
Trading strategies in solar-related stocks?
ACME Solar Holdings Current Price: ₹296
Likely Target: ₹335 Upside Potential: 13.2% Support: ₹289; ₹279; ₹271 Resistance: ₹307; ₹317; 325 ACME Solar Holdings is likely to trade with a favourable bias as long as the stock holds above ₹271, with near support visible at ₹289 and ₹279 levels. On the upside, the stock can potentially spurt to ₹335 levels, with interim resistance likely around ₹307, ₹317 and ₹325 levels.
Adani Green Current Price: ₹941
Likely Target: ₹760 Downside Risk: 19.2% Support: ₹920; ₹880 Resistance: ₹965; ₹985 The near-term bias for Adani Green is likely to remain tepid as long as the stock trades below ₹985, with some resistance likely around ₹965 levels. On the downside, the stock has been holding above the lower-end of the Bollinger Bands on the weekly scale, which shows support around ₹880 levels; below which a dip towards the previous low around ₹760 levels cannot be ruled out. Near support for the stock is present at ₹920.
Suzlon Energy Current Price: ₹57.25
Likely Target: ₹50.50 Downside Risk: 11.8% Support: ₹55.40; ₹53.20 Resistance: ₹58.60; ₹60.15; ₹60.87 Suzlon Energy stock is seen trading below the key moving averages on the daily chart, thus implying a negative trend at the counter. The stock is likely to trade on a weak note as long as it remains below ₹60.87, with near resistance visible at ₹58.60 and ₹60.15 levels. On the downside, Suzlon may drift towards ₹50.50 levels, with intermediate support anticipated around ₹55.40 and ₹53.20 levels.
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Borosil Renewables Current Price: ₹573
Likely Target: ₹725 Upside Potential: 26.5% Support: ₹547; ₹540 Resistance: ₹620; ₹660; ₹690 Borosil Renewables is likely to trade with a positive bias as long as the stock sustains above ₹547, below which the key 200-Day Moving Average (200-DMA) support stands at ₹540. On the upside, the stock can potentially rally to ₹725 levels, with interim resistance likely around ₹620, ₹660 and ₹690 levels.
Websol Energy System Ltd Current Price: ₹1,285
Likely Target: ₹1,500 Upside Potential: 16.7% Support: ₹1,230 Resistance: ₹1,342; ₹1,450 Even as Websol Energy stock has plunged over 18 per cent from a high of ₹1,573 in less than a month, the near-term bias at the counter is likely to remain favourable as long as the stock holds above ₹1,230 levels, shows the daily chart. On the upside, the stock needs to bounce back above its 200-DMA, which stands at ₹1,342, in order to negate the present downward pressure. The stock can potentially bounce back to ₹1,450 – ₹1,500 levels from here.
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