3 railway stocks slip up to 7% amid profit booking
Indian Railway Finance Corporation (IRFC), Rail Vikas Nigam (RVNL), and Ircon International fell up to 7% in Wednesday's trade amid profit booking. Technical analysts also stated that these railway stocks are in overbought territory.
Shares of IRFC declined 7% to Rs 67 on the NSE.
Technically, IRFC's day RSI (14) is at 91.2.
The RSI below 30 is considered oversold, and above 70 is overbought, Trendlyne data showed. However, the Day MACD Signal is at 3.8, which is above its center and signal line, this is a bullish indicator.
Meanwhile, Hariprasad Kizhakkethara, Sebi registered analyst and Director of Livelong Wealth said, «The stock has continuously faced strong rejection from the Resistance Trendline since November 2022.
Now, it has given a breakout with a green bullish candle and with good volume also (crossed 50MA on Volumes chart) giving an upside rally by over 20%.»
«It will rally upside towards Rs 72 as the Target 1 price level and Rs 79 as the next target,» Kizhakkethara added.
RVNL shares also plunged nearly 6% to Rs 148 in Wednesday's trade on the NSE. RVNL's day RSI (14) is at 84.5, which is in overbought territory, Trendlyne data showed.
Day MACD Signal is at 2.2, which is above its center and signal line, this is a bullish indicator.
As per Trendlyne data, the average target price of RVNL is Rs 130, which shows a downside of 14% from the current market prices. However, the consensus recommendation from one analyst for the stock is a 'Strong Buy'.
Meanwhile, Ircon International shares also fell 4.5% to Rs 120.6 in today's trade on the NSE.
