Indian Railway Finance Corporation Ltd (IRFC) shares soared 18.80%, reaching a one-year high of Rs 134.70. This multibagger stock has witnessed an impressive 300% surge over the past year, capturing market attention.
Technical analysts highlight crucial support levels at Rs 120-115, while potential upward movement could lead the stock to Rs 164. Ongoing momentum and uncharted territory make regular profit-trailing advisable.
Shiju Koothupalakkal from Prabhudas Lilladher expects further upward movement, setting targets at Rs 148-164. Support is identified at the Rs 125 zone, with a breach below Rs 114 weakening the overall trend.
While DRS Finvest founder Ravi Singh envisions a near-term target of Rs 150, caution is advised with a strict stop-loss at Rs 120. Tips2trades’ AR Ramachandran notes bullishness but warns of overbuying, suggesting profit booking as a daily close below Rs 120 could shift the trend.
The surge in railway stocks aligns with anticipation of a record budget allocation for the sector, driving investor interest. IRFC witnesses substantial trading volumes, with 3.15 crore shares changing hands on BSE, exceeding the two-week average.
The day’s turnover stands at Rs 403.59 crore, contributing to an impressive market capitalization of Rs 1,70,883.78 crore. As the sector gains momentum, investors keenly await the upcoming budget for potential opportunities.
