IEX shares are a buy or a sell? An analyst expects the stock to touch ₹245 in a few months

Shares of Indian Energy Exchange Ltd. (IEX) jumped over 4% to hit a day's high of ₹181.25 on Thursday, June 13. IEX stock has seen a strong upward move, rising a little over 10% in the last five trading sessions.

At the same time, technical research analyst Manas Jaiswal has given a new target of the share at ₹203.

The trend for IEX is positive, showing higher highs and higher lows on the weekly chart. There is a resistance level at 175, but the overall pattern remains bullish, Jaiswal said.

The analyst expects IEX to break through this resistance, and move towards the ₹203 mark.

He has recommended investors to maintain their positions in the IEX stock and consider buying on dips, while keeping the stop loss at ₹159.

With a big breakthrough from its six-month consolidation zone of ₹170 - ₹140, Sacchitanand Uttekar of Tradebulls believes IEX is in a good position to continue its upmove towards ₹245.

"Its monthly ADX has recently turned positive at about 17, the monthly RSI has been rising confidently over its 50 mark. The positioning of both trend strength indicators on the monthly scale supports an additional momentum-based rise that is expected to be seen in the upcoming months. Since new long additions have followed fresh short covering as the main drivers of the recent upmove above ₹170, we anticipate that the present momentum will continue towards the ₹192 – ₹200 zone," the analyst said.

Uttekar added that with a solid foundation currently near ₹165, the primary price trend that is developing overall appears confident for an upward shift towards ₹230 – ₹245 zone.

Apurva Sheth of SAMCO Securities has assigned a 'Buy' call on IEX. "IEX stock has been trading in the range of ₹120 to ₹160 for quite some time and this week it has managed to cross this level and it is currently trading around ₹180. So the strategy over here would be to buy on dips around levels of ₹170 with a stop at ₹160 and the targets for IEX would be around ₹200 to ₹220 in the short to medium term."

Analysts at Investec and Axis Capital upgraded the IEX stock on improved growth outlook.

Investec in its note said that IEX was bogged down by a couple of regulatory headwinds, key amongst them being market coupling. The management had recently commented that the implementation of market coupling is still a few years away, moving the risk from an immediate risk to something that is one or two years away. Investec has raised the target price from ₹135 to ₹175.

Axis Capital has also upgraded the stock to an add from an earlier sell due to the improved growth outlook for exchanges. The brokerage has raised the stock's FY2025 and FY2026 earnings per share by 5% and 6.5%, respectively.

On Wednesday, the stock closed at ₹174.4 on the NSE. At 10:47 am, the scrip was trading 4.15% higher at ₹180.81 apiece. IEX stock has gained around 8% so far this year and around 45% in the last one year.

Out of the 11 analysts that track IEX, seven have a 'Buy' rating, while four recommends 'Sell' on the counter.