New Delhi, Nov. 26 -- Premier Energies shares rose more than 2% during Wednesday's trading session. The renewable energy stock has appreciated by almost 120% since its IPO price of Rs.450. Brokerage firm Nuvama Institutional Equities has recently initiated coverage on the stock, setting a Premier Energies share price target of Rs.1,270, which reflects an upside of nearly 32% from the last closing price.

Rajesh Bhosale, Equity Technical and Derivative Analyst at Angel One said that Premier Energies shares are trading in a range of Rs.950 - Rs.1,150 since last six months.

Bhosale believes that the next directional move for Premier Energies shares would come only on breakout beyond this range, as of now, prices are approaching key support,...