Multibagger railway PSU stock IRFC jumps 17% in one week; What to expect in IRFC shares after technical breakout?
Indian Railway Finance Corporation shares, the multibagger railway stock, has rallied more than 17% in one week and over 22% in one month. The PSU stock has jumped over 74% year-to-date (YTD), while it has given multibagger returns of more than 411% in one year. IRFC shares are presently at around ₹173.20 levels.
On the technical front, IRFC stock is showcasing a bullish trend surpassing key moving averages of 20, 50, 100, and 200. Also Read: Breakout stocks: Sumeet Bagadia recommends 5 stocks to buy “The current price action suggests upward momentum, particularly above ₹178 levels, with anticipated targets near ₹190 and ₹205. Notably, the stock has given a breakout of a symmetrical triangle pattern, indicating a potential continuation of the upward trajectory.
Furthermore, the Relative Strength Index (RSI) at 70.10 levels underscores the underlying strength of the stock, aligning with the bullish sentiment," said Deven Mehata, Research Analyst at Choice Broking. Mehata suggests considering buying opportunities in IRFC shares on market dips, particularly at levels around ₹161, which presents a strategic approach. “These opportunities, supported by various technical indicators, offer potential entry points for investors seeking to capitalize on the stock’s upward momentum while managing associated risks prudently," he said.
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