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Indian Railway Finance Corporation Ltd (IRFC Ltd) shares continued to rise for the sixth consecutive session. There was a huge jump of 20% in IRFC shares today and the stock touched its 1-year high of Rs 66.78. By the end of the trading session, IRFC stock closed at Rs 66.66 on BSE with a gain of 19.78%.
The company's stock has a price-to-equity (P/E) ratio of 11.67 against a price-to-book (P/B) value of 1.60.
IRFC stock is trading above all its moving averages of 5,10,20,50,100,200 SMA. The 14-day relative strength index (RSI) came at 89.41.
IRFC borrows money from the financial markets for the acquisition and construction of assets. which are then leased out to the Indian Railways or any entity under the Ministry of Railways.
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| Indian Railway Finance Corporation Ltd (IRFC Ltd) |
The multi-bagger scrip has surged 102.61 % on a year-to-date (YTD) basis and 201.63 % in a year.
Railway stocks have been in the news ever since the Railway Ministry sought cabinet approval for an investment of 5.25 lakh crores for the next 7 years.
Technical Setup of IRFC Share Price
Based on technical analysis, IRFC stock is extremely bullish on the daily and weekly charts. Momentum indicators are showing a further bullish trend and the short-term target will be Rs 80.
The next resistance on the daily chart of IRFC stock is coming at 70.65. Investors should book profit once around these levels. If IRFC stock breaks the level of 61 then it can touch the level of 48 in the short term.
Market Expert Advice on IRFC Stock
Many technical experts believe that IRFC stock is moving towards three digits. Level 45-50 will be a great buying opportunity.
There was a volume-based breakout in IRFC stock at the level of Rs 51, after which the stock is continuously moving upwards. Strong support has been formed in IRFC stock around Rs 50. Till this level is not broken, the bullish trend will continue in this stock.
At present the stock has become overbought after such a rise. That's why avoid fresh buying, if there is a decline then definitely include IRFC stock in your portfolio. Those who have already invested in IRFC shares can hold their positions. Keep the 50 rs level in mind.
IRFC stock is trading above all its moving averages of 5,10,20,50,100,200 SMA. The 14-day relative strength index (RSI) came at 89.41.
IRFC borrows money from the financial markets for the acquisition and construction of assets. which are then leased out to the Indian Railways or any entity under the Ministry of Railways.
DISCLAIMER: All the recommendations given in this article are from external parties. The Trading Partner does not own these reductions or views. Before making any investment, consult your financial advisor.
