IRFC shares rally 15% to hit one-year high; can stock break above Rs 100 level?
IRFC share price: The stock soared 15.05 per cent to hit a 52-week high of Rs 96.10 over its previous close of Rs 83.53. The multibagger scrip has rallied nearly 190 per cent in the last six months.
- Dec 14, 2023,
- Updated Dec 14, 2023 1:50 PM IST
Indian Railway Finance Corporation Ltd (IRFC) shares rose sharply in Thursday's trade to scale their one-year high level. The stock soared 15.05 per cent to hit a 52-week high of Rs 96.10 over its previous close of Rs 83.53. The multibagger scrip has rallied nearly 190 per cent in the last six months.
The counter saw heavy trading volumes today as 4.72 crore shares were last seen changing hands. The figure was way more than the two-week average volume of 73.51 lakh shares. There were 1,88,08,963 buy orders against buy orders of 36,69,050 shares. Turnover stood at Rs 428.95 crore, commanding a market capitalisation (m-cap) of Rs 1,24,111.60 crore.
A few technical analysts suggested that the counter is likely to hit the three-digit figure in the near term. A decisive close above Rs 99 level is required for a further upside, an analyst said. That said, one of them suggested booking profits at current levels.
Shiju Koothupalakkal, Technical Research Analyst at Prabhudas Lilladher, said, "The stock has given a decent spurt with a huge bullish candle pattern on daily charts to indicate a clear breakout above the previous peak zone of Rs 92.35. From current levels, one can expect further rise till Rs 99 with the support maintained near Rs 84 level. A breach above Rs 99 can take it to next higher target of Rs 107."
Osho Krishan, Senior Research Analyst - Technical & Derivatives at Angel One, said, "IRFC has seen strong traction after its recent consolidation breakout and entered uncharted territory. The recent price action has been backed by robust volumes, suggesting inherent strength. The stock looks poised to test the three-digit figure in the comparable period. For now, the Rs 90-85 zone is likely to cushion any short-term blip or profit booking."
DRS Finvest founder Ravi Singh said the stock may see Rs 100 in the near term.
Jigar S Patel, Senior Manager - Technical Research Analyst at Anand Rathi Shares and Stock Brokers, said, "Support will be at Rs 85 and resistance may be seen around Rs 100."
AR Ramachandran from Tips2trades said, "IRFC is bullish but also overbought on daily charts with next resistance at Rs 101.2. Investors should book profits at current levels as a daily close below Rs 88 could lead to target of Rs 68 in the near term."
The counter was last seen trading higher than the 5-day, 10-, 20-, 30-, 50-, 100-, 150-, 200-day simple moving averages (SMAs). The counter's 14-day relative strength index (RSI) came at 86.71. A level below 30 is defined as oversold while a value above 70 is considered overbought. The company's stock has a price-to-equity (P/E) ratio of 17.99 against a price-to-book (P/B) value of 2.29.
IRFC borrows funds from the financial markets to finance the acquisition or creation of assets which are then leased out to the Indian Railways or any entity under the Ministry of Railways. As of September 2023, promoters held 86.36 per cent stake in the 'Navratna' PSU.
(Disclaimer: Business Today provides stock market news for informational purposes only and that should not be construed as investment advice. Readers are encouraged to consult a qualified financial advisor before making any investment decisions.)
Also read: Balrampur Chini Mills shares up 3% today; stock still down 12% in one month. What's ahead?
Indian Railway Finance Corporation Ltd (IRFC) shares rose sharply in Thursday's trade to scale their one-year high level. The stock soared 15.05 per cent to hit a 52-week high of Rs 96.10 over its previous close of Rs 83.53. The multibagger scrip has rallied nearly 190 per cent in the last six months.
The counter saw heavy trading volumes today as 4.72 crore shares were last seen changing hands. The figure was way more than the two-week average volume of 73.51 lakh shares. There were 1,88,08,963 buy orders against buy orders of 36,69,050 shares. Turnover stood at Rs 428.95 crore, commanding a market capitalisation (m-cap) of Rs 1,24,111.60 crore.
A few technical analysts suggested that the counter is likely to hit the three-digit figure in the near term. A decisive close above Rs 99 level is required for a further upside, an analyst said. That said, one of them suggested booking profits at current levels.
Shiju Koothupalakkal, Technical Research Analyst at Prabhudas Lilladher, said, "The stock has given a decent spurt with a huge bullish candle pattern on daily charts to indicate a clear breakout above the previous peak zone of Rs 92.35. From current levels, one can expect further rise till Rs 99 with the support maintained near Rs 84 level. A breach above Rs 99 can take it to next higher target of Rs 107."
Osho Krishan, Senior Research Analyst - Technical & Derivatives at Angel One, said, "IRFC has seen strong traction after its recent consolidation breakout and entered uncharted territory. The recent price action has been backed by robust volumes, suggesting inherent strength. The stock looks poised to test the three-digit figure in the comparable period. For now, the Rs 90-85 zone is likely to cushion any short-term blip or profit booking."
DRS Finvest founder Ravi Singh said the stock may see Rs 100 in the near term.
Jigar S Patel, Senior Manager - Technical Research Analyst at Anand Rathi Shares and Stock Brokers, said, "Support will be at Rs 85 and resistance may be seen around Rs 100."
AR Ramachandran from Tips2trades said, "IRFC is bullish but also overbought on daily charts with next resistance at Rs 101.2. Investors should book profits at current levels as a daily close below Rs 88 could lead to target of Rs 68 in the near term."
The counter was last seen trading higher than the 5-day, 10-, 20-, 30-, 50-, 100-, 150-, 200-day simple moving averages (SMAs). The counter's 14-day relative strength index (RSI) came at 86.71. A level below 30 is defined as oversold while a value above 70 is considered overbought. The company's stock has a price-to-equity (P/E) ratio of 17.99 against a price-to-book (P/B) value of 2.29.
IRFC borrows funds from the financial markets to finance the acquisition or creation of assets which are then leased out to the Indian Railways or any entity under the Ministry of Railways. As of September 2023, promoters held 86.36 per cent stake in the 'Navratna' PSU.
(Disclaimer: Business Today provides stock market news for informational purposes only and that should not be construed as investment advice. Readers are encouraged to consult a qualified financial advisor before making any investment decisions.)
Also read: Balrampur Chini Mills shares up 3% today; stock still down 12% in one month. What's ahead?