IRFC Share Price Target 2024 : Shares of state-owned Indian Railway Finance Corp (IRFC) marched northward on the bourses and climbed over 5 per cent to hit a fresh 52-week high of Rs 213 on the BSE on Tuesday.
IRFC stock opened with gains at Rs 209.50 on the BSE.
This breakout typically signifies a continuation of the uptrend, highlighting potential bullish momentum."
IRFC stock has sprinted 490.66 per cent in the last one year, 877.25 per cent in the last two years, and 722.95 per cent in the last three years.
Shares of IRFC have a 52-week range of Rs 213 - Rs 32.35 on the BSE.
Authored by : Kumar Gaurav Updated Jul 9, 2024 11:57 IST Photo : ET Now Digital Shares of IRFC have a 52-week range of Rs 213 - Rs 32.35 on the BSE.
IRFC Share Price Target 2024 : Shares of state-owned Indian Railway Finance Corp (IRFC) marched northward on the bourses and climbed over 5 per cent to hit a fresh 52-week high of Rs 213 on the BSE on Tuesday. However, the stock failed to sustain the momentum and plunged nearly 10 per cent from there to the day's low of Rs 192.10 on the BSE.
Established in December 1986 to mobilise funds from domestic and overseas markets to meet the predominant portion of Extra Budgetary Resources requirements, IRFC is the dedicated funding arm of Indian Railways.
IRFC stock opened with gains at Rs 209.50 on the BSE. The stock has been traded in the range of Rs 213-192.10 on the BSE on Tuesday. While writing this news, the stock was quoted at Rs 196.60, down 2.72 percent from its previous close of Rs 173.20 on the BSE.
Kunal V. Parar, VP of Technical Research and Algo, Choice Equity Broking, said, "On the daily chart, we observe several bullish signals for this stock. Firstly, it has convincingly breached and is trading above the neckline of a Cup and Handle pattern. This breakout typically signifies a continuation of the uptrend, highlighting potential bullish momentum."
Furthermore, the stock is currently trading above all its long-term moving averages. This includes the 50-day, 100-day, and 200-day moving averages, indicating strong underlying support and sustained bullish sentiment among investors. In addition to these technical formations, the stock has entered uncharted territory. This phase, as per Parar, suggests a breakout from previous price ceilings, often accompanied by increased buying interest and the potential for extended gains.
Supporting these bullish indications is the Relative Strength Index (RSI), which is trending above the key level of 50 on the daily timeframe. Parar believes that this confirms positive momentum and suggests that buying pressure is robust enough to drive further upward movement.
"Based on this technical setup, our forecast targets a potential upside move within the range of Rs 217 to Rs 243," said Parar. However, it's crucial to manage risk responsibly, with a recommended stop-loss set at Rs 181 to protect against potential downside risks, he said.
IRFC Share Price History
IRFC is a constituent of S&P BSE 200. According to BSE analytics, IRFC's share price has sprinted 12.59 per cent in the last one month, 32.82 per cent in the last three months, and a whopping 95.29 per cent in the last six months.
IRFC stock has sprinted 490.66 per cent in the last one year, 877.25 per cent in the last two years, and 722.95 per cent in the last three years.
Shares of IRFC have a 52-week range of Rs 213 - Rs 32.35 on the BSE.
(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. ET NOW DIGITAL suggests its readers/audience to consult their financial advisors before making any money related decisions.)
