Renewable energy stocks see strong buying on Monday
Experts suggest different strategies for investors looking at Suzlon Energy, Inox Wind, and Vedanta Power amid market gains.
Renewable energy stocks witnessed strong buying on Monday as the Indian stock market rose, according to Mint. Inox Wind shares increased by over 11 per cent, while Vedanta Power rose 7 per cent, Reliance Power added around 5 per cent, and Suzlon Energy surged over 4 per cent.
Jaiprakash Power Ventures shares opened higher and reached an intraday high of ₹13.75, representing an intraday rise of over 7 per cent from the previous close of ₹12.72. Market experts advised investors to avoid Jaiprakash Power Ventures and Reliance Power.
Avinash Gorakshkar, Founder of Avinash Mentor Research, said Reliance Power's rally is purely sentimental with no fundamental reason, while Jaiprakash Power Ventures suffers from high promoter pledge levels of around 75 per cent.
Seema Srivastava, Senior Research Analyst at SMC Global Securities, suggested Suzlon Energy and Inox Wind for growth-oriented portfolios. She described Suzlon Energy as a structural market leader and Inox Wind as a high-momentum turnaround play, while noting Vedanta Power remains a defensive option.
Mahesh M Ojha, VP of Research and Business Development at KC Securities, provided technical targets for several stocks. He said Inox Wind could touch ₹65 and ₹74 if it breaks resistance at ₹59, but advised a stop-loss of ₹54.
Ojha also noted Suzlon Energy faces a hurdle at ₹39.50 with potential targets of ₹42 and ₹48. For Vedanta Power, he identified support at ₹30.80 and suggested upside targets of ₹42 and ₹45 per share.