IRFC Share Price: The way railway stocks, especially IRFC, had gained momentum in the last one week, it had brought glow on the faces of investors. But it is a rule of the stock market that after the boom there definitely comes some lull. After 5 days of continuous growth, on December 29, profit booking i.e. profit booking was seen in IRFC shares from upper levels. When the stock reached near Rs 135-137, it could not stay there and selling pressure came. Now the question in the minds of common investors is whether this decline is scary or has it brought a new buying opportunity?
For the last 10 months, the investors of IRFC were going through a kind of testing time. The month of February this year, when after the budget this stock started slipping from the level of Rs 155. By March, it had fallen to Rs 108. Since then the stock was stuck in a range and was testing the patience of investors.
But now, as the next budget is approaching, railway shares have come to life again. The share which was languishing at Rs 111 on December 19, touched a high of Rs 137 within a week. Within just a week, investors got strong returns of more than 18 percent. This rise is also special because it has broken the long period of sluggishness.
When a stock moves so fast in the market, a slight decline is considered healthy. But the big question is where should new investors enter? The opinion of market experts is quite clear on this. Jigar S Patel, Equity Research Expert, Anand Rathi Investment Services, believes that there is no need to panic about the current fall.
According to experts, the level of Rs 125 is very important for IRFC on the chart. This is a strong support zone. This simply means that if the stock falls to around Rs 125, then good buying opportunities can be created there. This is the price where the risk is less and the scope for profit seems better.
On the other hand, if the stock regains momentum, then the eyes should be on the level of Rs 137. Jigar Patel's analysis says that there is a resistance at Rs 137, which means the stock may face some resistance here. But, if the market mood remains good and IRFC crosses the level of Rs 137, then it will not stop. After breaking this level, the next level will be Rs 142.
Disclaimer: This article is for information only and should not be considered as investment advice in any way. TV9 Bharatvarsha advises its readers and viewers to consult their financial advisors before taking any money-related decisions.
