Railway stocks IRFC, Ircon, Rail Vikas Nigam hit 52-week high; here's why
Ircon International share price surged 19.3% to touch a 52-week high of ₹159.25 apiece, Rail Vikas Nigam share price jumped 17.6% to hit a 52-week high of ₹191.40 apiece, and Indian Railway Finance Corporation (IRFC)share price rose 10% to touch a 52-week high of ₹84.76 apiece on BSE. According to to Rajesh Bhosale - Equity Technical and Derivative Analyst, Angel One, these railways stocks have seen strong traction in the September month as Ircon International stock is up by 38% , Rail Vikas Nigam is up by 41% and IRFC stock is up by 68%, respectively. The momentum is strongly in favours of bulls but post a strong move in just 10 day, the indicators are in overbought.
Hence. ideally one should avoid for short term as risk reward not lucrative, better wait for any dip to enter the stocks from a long term be view, advised Bhosale. The project was unveiled at the annual Group of 20 summit of the world's leading economies by US President Joe Biden, Indian Prime Minister Narendra Modi, and European Commission President Ursula von der Leyen.
The project is a component of the Partnership for Global Infrastructure Investment programme. An economic corridor linking India, the Middle East, and Europe will soon be established. A historic effort for connectivity and infrastructure collaboration that includes India, the UAE, Saudi Arabia, the EU, France, Italy, Germany, and the US will be the first-of-its-kind economic corridor.
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