IRFC shares surge over 9% to a record high; Can the stock reach ₹250?

NSE

Shares of Indian Railways Finance Corporation Ltd. (IRFC) hit a record high on Monday, surging as much as 8% and extending their gains for the fifth straight day.The stock made an intraday high of ₹205 and has therefore doubled so far in 2024.IRFC was the first IPO of 2021 and an underperformer for the next three years of listing. However, the stock saw a stellar 2023, during which shares nearly tripled and those gains continued into January of 2024 as well, when the stock surged 75%.The stock is up 13% so far in July, having declined 2% in June. After today's surge, IRFC shares have crossed ₹2.6 lakh crore in market capitalisation, which is higher than at least one-third of the Nifty 50 constituents. Technical Analyst Manas Jaiswal believes that one must hold on to their positions in IRFC if they are holding them. He had advised maintaining a stop loss of ₹159, while he answered a viewer query on CNBC Awaaz on June 24."The first target one must keep is that of ₹200," Jaiswal had said back then. ₹200 was the recent record high made by the stock."Once the stock crosses ₹200, it will enter unchartered territory, post which it can see levels of ₹235 on the upside," Jaiswal said. Levels of ₹235 implies a potential upside of 33% from Monday's closing levels for IRFC.Despite the surge, IRFC shares do not have any coverage by analysts.Shares of IRFC are now trading 8.8% higher at ₹204.8. The stock has risen 520% in the last 12 months.