IRFC share price: Indian Railways' PSU stock retraces 9% from life-time high. Buy, sell or hold?
Stock market today: Indian Railway Finance Corporation or IRFC share price has been in uptrend for more than one year. In fact, this Indian Railways' PSU stock is one of the multibagger stocks that Dalal Street has produced in recent years. In last one year, IRFC share price has delivered more than 130 per cent return to its positional shareholders.
The ascended to its new life-time high last week after announcement of Q1 results 2023. However, the railway PSU stock is under pressure since early morning deals. IRFC share price today opened lower and went on to hit intraday low of ₹48.25 per share, retracing near 9 per cent from its life-time peak of ₹52.70 per share on NSE.
According to stock market experts, IRFC share price was in continuous uptrend on new wagon order by Indian Railways. But, after weak Q1 results 2023 of the railway PSU company, profit booking was widely awaited and this dip should be seen as profit booking trigger in the scrip. They advised IRFC shareholders to hold the stock maintaining stop loss at ₹48 as it may bounce back and go up to ₹52 and ₹55 levels after consolidation.
On breaching ₹48 levels, the stock may go down towards ₹45 apiece levels, they said. On why IRFC share price is under pressure, Avinash Gorakshkar, Head of Research at Profitmart Securities said, “IRFC share price was in uptrend due to new wagon order by the Indian Railways that is expected to benefit the railway PSU company. But, lower than expected first quarter results of the company for the financial year 2023-24 as well.
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