Analyzing the Recent Plunge of (IEX) Stock and Technical Outlook

Indian Energy Exchange (IEX) is a licensed Power Exchange in India that facilitates spot trading of electricity and renewable energy certificates. It operates an automated platform for the trading of electricity units for physical delivery. Recently, the stock price of IEX has experienced a significant decline, possibly due to the Central Electricity Regulatory Commission's plan to initiate market coupling. This process aims to establish uniform prices across multiple electricity exchanges.

From a technical perspective, the stock appears bearish, suggesting caution for investors considering entering at current levels. It may be advisable to wait for the stock to reach around 98-100 levels for potential buying opportunities, as this zone represents a harmonic potential reversal zone. There is a possibility of a bounce from these levels, but it is recommended to consider a long-term perspective for such investments.