Indian Energy Exchange Ltd (IEX)

Strong Consolidation & Bottom Pick Stock.

Fundamental:-
Dividend giving stock.
Good ROCE & ROE.
Stock PE is near industry PE.
Debt is less than reserves.
Almost Debt Free.

Technical:-
Demand Zone is marked as green shaded horizontal area.
Resistances are marked as red horizontal lines.
Stoploss is marked as orange horizontal line.
Demand Zone is from 130 to 110, which may act as reversal zone.
Consolidation Zone is marked as skyblue shaded rectangle.
It has bounced back from 200 EMA on Weekly chart. (White)
Its taking support on 200 EMA on Daily chart. (Yellow)
RSI Resistance trendline is marked in Pink colour.
RSI support trendline is marked in Skyblue colour.
Volume is decreasing which indicates that instead of Breakout possibility is of a Dip.
Price may take support on 200 Weekly EMA & RSI may take support on RSI Support Trendline.
So Option 1 is less likely due to less volume and Option 2 looks more logical for IEX.
Expecting a "Rounding Bottom" kind of recovery pattern on the weekly chart for IEX.

Levels:-
Buy 130 - 110
Stoploss 100
Tgt 200 - 235 - 270 -300 - 320


This idea is for Educational purpose and paper trading only. Please consult your financial advisor before investing or making any position. Facts or Data given above may be slightly incorrect. We are not SEBI registered.

Hope you Like it.
Happy Trading :)