Renewable Energy penny stock below Rs 15 registers a solid breakout; don’t miss out on the action as the company signed an agreement with Tesla Power!

The stock is a penny stock priced below Rs 15 and has a market cap of Rs 756 crore.

The NSE benchmark Nifty 50 index had a flat-to-positive start and soon reached a fresh all-time high of 21,037.90. However, profit booking emerged at higher levels, causing Nifty to decline by about 70-75 points from the day's high. It is currently trading at 20,960 with a loss of 0.17 per cent.

The broader market is also displaying mixed performance, with the Nifty Mid-Cap trading down by 0.17 per cent, while the Small-Cap index is trading higher by 0.27 per cent.

Amidst this backdrop, one stock that is living up to its name is Urja Global Ltd. The stock is brimming with energy, rising by 15 per cent on Tuesday and trading at Rs 14.50 per share. With this robust increase, the stock has witnessed a breakout of a six-month-long consolidation period. Interestingly, in the month of November, the stock experienced a premature breakout.

A premature breakout differs from an out-of-line movement in the sense that it can close outside of a pre-drawn boundary line and may spend several days in breakout mode before returning to the geometric pattern. However, the initial breakout was only a harbinger of things to come, and within a few weeks, a genuine breakout occurred. These subsequent breakouts are referred to as secondary breakouts or pattern recompletions.

The breakout of the consolidation range is supported by strong volume, exceeding three times the 30-day average volume of 2.1 crore shares per day, highlighting larger participation in the direction of the trend. The daily MACD has generated a bullish crossover, validating a positive bias. Additionally, the daily 14-period RSI has generated a buy signal, moving above its nine-period average, further validating a positive bias.

Urja Global Ltd is one of India’s leading Renewable Energy developers and operators, engaged in the design, consultancy, integration, supply, installation, commissioning, and maintenance of off-grid and grid-connected Solar Power Plants. The company is an approved Channel Partner of the Ministry of New and Renewable Energy (MNRE), Govt. of India.

Tesla Power USA LLC Chairman, Mr. John H. Vratsinas, visited Urja Global Limited on June 07, 2023, along with the Managing Director of Tesla Power India Private Limited for signing the agreement.

The stock is a penny stock priced below Rs 15 and has a market cap of Rs 756 crore.

Disclaimer: The article is for informational purposes only and not investment advice.