“IRFC Shares Surge 19% to Reach New One-Year High: Analysts Bullish on Continued Upside Potential”

Om Sharma
By Om Sharma 4 Min Read

JANUARY 16, 2024

IRFC’s share price surged impressively by 18.80%, reaching a new 52-week high at Rs 134.70, marking an extraordinary journey with an astonishing 300% surge over the past year.

SUMMARY :-
In a significant trading session, IRFC experienced substantial activity with 3.15 crore shares traded on BSE, well surpassing the two-week average volume of 1.09 crore shares.

The robust market participation translated into an impressive turnover of Rs 403.59 crore, reinforcing its formidable market capitalization at Rs 1,70,883.78 crore.

ALSO READ :- “मकर संक्रांति की तिथि के चारों ओर बनी उलझन – 14 या 15 जनवरी – इस विस्तृत लेख में सुलझा दी गई है।”

In Monday’s trading session, shares of Indian Railway Finance Corporation Ltd (IRFC) continued their impressive run, surging by 18.80% to reach a new 52-week high of Rs 134.70. This significant rally adds to the multibagger’s stellar performance, as it has soared by an astounding 300% in the past year. Analysts are optimistic about the stock’s near-term prospects, with several suggesting that it could witness further gains. The technical analysis indicates potential support levels in the Rs 120-115 range, while the stock may target Rs 164 on the higher side. However, one analyst cautioned investors to consider booking profits at the current levels.

ALSO READ :- Rampur Whisky: “Best World Whisky” Title at the 2023 John Barleycorn Awards

Osho Krishan, Senior Research Analyst at Angel One, noted the strong momentum in IRFC’s stock, emphasizing the absence of specific technical resistance in uncharted territory. Krishan advised regularly trailing profits, pointing to support levels around Rs 120-115 and a sacrosanct support zone at 105-100. Technical Research Analyst Shiju Koothupalakkal from Prabhudas Lilladher maintained a positive bias, expecting further upward movement with targets set at Rs 148-164. He identified support at the Rs 125 zone and emphasized that breaching Rs 114 could weaken the overall trend. DRS Finvest founder Ravi Singh projected a near-term target of Rs 150 with a strict stop-loss at Rs 120.

In the context of a broader surge in railway stocks, industry analysts attribute the gains to anticipation of a record-high budget allocation for the sector. Vishal Periwal, Sector Analyst (Infra) at IDBI Capital, highlighted the sharp gains in railway stocks, particularly on the eve of the upcoming budget. IRFC witnessed robust trading volumes, with 3.15 crore shares changing hands on BSE, well above the two-week average volume of 1.09 crore shares. The turnover on the counter amounted to Rs 403.59 crore, contributing to a market capitalization of Rs 1,70,883.78 crore. Investors are urged to exercise caution and seek advice from qualified financial advisors before making any investment decisions.

ALSO READ :- JSSC JDLCCE 2024 Answer Key Unveiled: Here’s How to Download and Raise Objections

(Disclaimer: The information provided is for informational purposes only and does not constitute investment advice. Readers are advised to consult with a qualified financial advisor before making investment decisions.)

Share This Article
Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *