11% Gain In Week: What Chart Pattern Says For This PSU Stock For A Trade Deal?

After rising 10.72% during the previous five trading days, Indian Railway Finance Corporation Ltd. (IRFC) shares ended Friday's trading session 5.19% higher at Rs 158.05 per share on the BSE. In fact, IRFC is one of Dalal Street's multibagger stocks currently.

In only a single year, the scrip surged from Rs 33.56 to its current level, giving positioned shareholders a multibagger return of 370.95%. Considering that the Miniratna PSU stock IRFC has risen by 57.47% year to date (YTD) in 2024, the positive trend is still in place. Investors searching for PSU stocks to pick up should be informed that Axis Securities issued a buy call to IRFC, with a target price of Rs 178-185 in three to four weeks.

IRFC Share Price Target

Buy range: Rs 156-152, target: Rs 178-185, trend reversal: Rs 142, timeframe: 3-4 Weeks

"The stock exhibited a notable breakout above the "Multiple Resistance" zone at 153, confirmed by a strong bullish candle on the daily chart, indicating a likely continuation of the medium-term uptrend. Breakout is witness with a increase in volume activity indicating influx of market participation at breakout. The stock is displaying higher highs and higher lows, along with maintaining position above a medium-term upward sloping trendline, affirming its medium-term uptrend.

The stock found support at the 50% Fibonacci Retracement level of the recent bounce from 116 to 152 at 134, establishing a short-term support base at that level. The daily Relative Strength Index (RSI) is holding above its reference line indicating positive bias. After surpassing the Multiple Resistance level, the stock is anticipated to advance towards previous swing highs set in late January 2024, targeting a range between 178 and 185," said Axis Securities in a note.

About IRFC

IRFC is a Schedule 'A' Public Sector Enterprise under the administrative authority of the Ministry of Railways, Govt. of India. Additionally, it is registered with the Reserve Bank of India (RBI) as an Infrastructure Finance Company (NBFC-IFC) and Systemically Important Non-Deposit-taking Non-Banking Financial Company (NBFC - ND-SI). Over the course of its more than three decades in business, the Indian Railways and related businesses have benefited greatly from the financial solutions provided by IRFC.

Additionally, a number of organisations in the railway industry have been granted financing from IRFC, including Rail Vikas Nigam Limited (RVNL), Railtel, Konkan Railway Corporation Limited (KRCL), and Pipavav Railway Corporation Limited (PRCL). Under the administrative authority of the Indian government's Ministry of Railways, the Indian Railway Finance Corporation (IRFC) is a Schedule 'A' Miniratna Public Sector Enterprise.

Disclaimer

The recommendations made above are by market analysts and are not advised by either the author, nor Greynium Information Technologies. The author, nor the brokerage firm nor Greynium would be liable for any losses caused as a result of decisions based on this write-up. Goodreturns.in advises users to consult with certified experts before making any investment decision.