IRFC share price: The stock rallied 18.80 per cent to hit a 52-week high of Rs 134.70. The multibagger scrip has zoomed around 300 per cent in a year.
SUMMARY
- IRFC saw huge trading volumes today as 3.15 crore shares were seen changing hands on BSE.
- The figure was way more than the two-week average volume of 1.09 crore shares.
- Turnover on the counter came at Rs 403.59 crore, commanding a market capitalisation (m-cap) of Rs 1,70,883.78 crore.
Indian Railway Finance Corporation Ltd (IRFC) shares extended their sharp gains in Monday’s trade and scaled new one-year high level. The stock increased 18.80% to reach Rs 134.70, the 52-week high. In just a year, the multibagger scrip has increased by almost 300 percent. The consensus opinion among a few analysts was that there will probably be further gains for the counter soon.
The support level on the technical setup was observed to be between Rs 120 and Rs 115. On the plus side, the price of IRFC’s stock could reach Rs 164. Nevertheless, an analyst suggested booking profits at the current rate.
According to Osho Krishan, Senior Research Analyst-Technical & Derivatives at Angel One, “IRFC saw a significant uptick and proceeded to advance into previously unexplored regions. The stock looks ready to gain even more traction. Sacrosanct support is currently located in the Rs 105–100 zone, while a series of supports can be seen in the Rs 120–115 zone. Additionally, it is advisable to consistently trail profits because the counter is in an untested area without any particular technical resistance.
Prabhudas Lilladher’s Shiju Koothupalakkal, a technical research analyst, stated: “The stock has put on a respectable surge over the last three sessions, hitting our targets of Rs 114 and Rs 126, respectively. We anticipate a continued upward trend towards the next targets of Rs 148–164 if the bias remains strong. The support from current levels would be in the Rs 125 area, and the trend as a whole wouldn’t be weakened until there was a clear breach below Rs 114.”
Founder of DRS Finvest Ravi Singh stated: “The stock could reach a level of Rs 150 in the near future. Maintain a strict stop loss of Rs 120.”
“IRFC is bullish but also overbought on daily charts with next resistance at Rs 140,” stated AR Ramachandran of Tips2trades. Investors should take profits now since a daily close below the support level of Rs. 120 could eventually lead to a target of Rs. 99.”
Following reports that the industry could see record-high budget allocation, most railway counters saw enormous gains. The IDBI Capital Sector Analyst for Infrastructure, Vishal Periwal, stated: “Railways stocks saw significant gains today as the Budget approaches. It might be related to expecting a record allocation.
3.15 crore shares were seen trading hands on the BSE today, indicating massive trading volumes for the IRFC. The volume was significantly higher than the 1.09 crore share two-week average. With a market capitalization (m-cap) of Rs 1,70,883.78 crore, the counter saw turnover of Rs 403.59 crore.
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