Chart Check: A breakout above 200-DMA makes IEX an attractive buy at current levels; here’s why

India Energy Exchange (IEX), part of the exchange and data platform industry, is down more than 40% from April 2022 highs but a rally from lows pushed the stock above the 200-DMA making it an attractive buy at current levels.

Short-term traders can look to buy the stock now post the breakout above the 200-DMA on daily charts for a possible target of Rs 170 in the short term, suggest experts.

IEX stock price hit a 52-week high of Rs 251 on 7 April 2022 but it failed to hold on to the momentum. The stock bounced back after hitting Rs 129 on 26 December 2022.


The stock rose more than 4% in a week and over 14% in the last 1 month.

The recent momentum helped the stock to break above Rs 150-152 which acted as a stiff resistance back in November 2022, December 2022, and earlier in March 2023.

The stock rose and breached the crucial resistance level of Rs 152 in intraday trade on 15 March 2023. If the stock manages to hold the momentum and stays above the said level bulls could push the stock higher in the short term.

In terms of price action, the stock is trading above most of the short and long-term moving averages placed at 5,10,30,50,100, and 200-DMA on the daily charts which is a positive sign for the bulls.

The Relative Strength Index (RSI) is placed at 54.3. RSI below 30 is considered oversold and above 70 is considered overbought, Trendlyne data showed. MACD is above its center and signal Line, this is a bullish indicator.

“IEX has been in a sideways movement for some time, hovering between the range of 143 and 153, and now has given a positive bullish candle,” Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher, said.

“A decisive move past 152, which is also the 200 DMA level, would improve the bias and anticipate further upward movement for targets 165–175,” she said.

“We suggest buying and accumulating this stock for an upside target of Rs 165–175 levels in the next 1 month, keeping the stop loss near the Rs 140 level,” recommends Parekh.

(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of Economic Times)