The benchmark Sensex and Nifty finished at new record highs on Monday, July 15 boosted by buying in PSU bank shares and fresh foreign capital inflows.

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The 30-share BSE Sensex climbed 145.52 points, or 0.18 per cent, to establish a new record high of 80,664.86. During the day, it increased 343.2 points, or 0.42 per cent, reaching a high of 80,862.54. The NSE Nifty gained 84.55 points, or 0.35 per cent, to close at an all-time high of 24,586.70. During the day, it rose 132.9 points, or 0.54 per cent, to a new record high of 24,635.05.

On the other hand, the market capitalisation of BSE-listed companies reached a new all-time high of Rs 455 lakh crore on Monday, aided by a record-breaking stock surge.

Meanwhile, IREDA's stock is in the news, and why not? The company which went public in December 2023, has returned 360 per cent in the first eight months. 

IREDA (Indian Renewable Energy Development Agency Ltd), a public sector renewable energy provider, reported its first-quarter results last week. Following the June quarter results, the stock gained 9 per cent today, reaching an all-time high of Rs 310. Today it finished at Rs 291 (IREDA Stock Price), up 2.48 per cent. However, the most relevant thing right now is that the stock is expected to register profits following the June quarter reports.

Should you buy or sell IREDA shares?

The opinion is being formed to profit from selling IREDA since, for starters, the stock has already cashed in on its favourable triggers. If we look at the stock's movement, it has climbed by more than 18% in the past five trading sessions, returned 62% in one month, and 138% in the last six months.

Choice Broking's Equity Research Analyst Deven Mehta said that on the daily chart, the stock is making higher highs and higher lows with a bullish trend. It is finding a support level at 230, which is close to its 20-day exponential moving average (EMA). It is close to its short (20 days) and medium-term (50 days) EMA levels, which is showing a positive outlook.

Why is it advisable to sell IREDA?

According to the analyst, the profit booking has been seen in the stock from the level of Rs 310, due to which one has to be careful while making new purchases, because new entry here will be a bit risky. Investors who are holding the stock from lower levels can book profit at the current price. But for those who want to create new long positions, it is advisable to wait for a decline near 230 strong support level, here the risk-reward ratio will be better for them.

The views/suggestions/advice expressed here in this article are solely by the brokerage firm. Zee Business suggests its readers consult their investment advisers before making any financial decision.