Railway Stocks: The Indian share market has experienced huge fluctuations in recent days. With this many stocks including PSU railway stocks such as IRFC, IRCTC, RVNL, RITES, IRCTC and IRCON International are currently trading in the oversold zone. This significant fall in share price raises concerns among investors whether it is the right time to buy these railway stocks.
What’s the Story?
PSU Railway Stocks including IRFC, RVNL, RITES, IRCTC and IRCON International are currently trading below their peak levels. The shares rallied ahead of the interim budget in 2024 due to huge expectations from the government for a large amount of budget allocation for the railway sector.
Then a little correction was seen after the budget. Again the share price started to rise ahead of the election and union budget. Many shares touched their peak level during this period. Now the railway shares have declined as the budget allocation was less than what investors anticipated.
Is it Time to Buy Railway Stocks?
IRFC, IRCTC, RVNL, RITES, and IRCON International are presently trading at a discounted price. According to market expert Ganesh Dongre, Senior Manager (Technical Research) at Anand Rathi, these Railway Stocks are poised for a potential upside.
He said that investors should ‘Buy on Dips’ during this correction. For further clarification, investors should keep a close eye on the key important levels for these stocks which is given below with new share price targets.
IRFC Share Target Price and Stop Loss
IRFC Shares trading at a 35% discounted price from its peak price level of Rs 229. The analyst Anand Rathi has given a “buy” rating on IRFC with a target price of Rs 175 to Rs 200. According to him, IRFC Share could bounce back from the current price level.
Also Read: IRFC Share Price Target
RVNL Share Target Price and Stop Loss
The shares of RVNL trading below 34.31% from its peak price level of Rs 647. RVNL shares are currently trading at a typical level indicating a potential breakout. RVNL Share target price is given as Rs 480 to Rs 500 also a stop loss at Rs 400 is advised.
Also Read: RVNL Share Price Target
RITES Share Target Price and Stop Loss
RITES shares are trading below 33.41% from its peak price level Rs 412.98. There’s a bullish reversal pattern in RITES Share Price chart, indicating a potential upside. RITES Share target price is given as Rs 350 to Rs 360. Also a stop loss at Rs 260 is advised.
IRCTC Share Target Price and Stop Loss
IRCTC shares are trading at a 31.68% discounted price of Rs 778 from its peak price level Rs 1138.90. Ganesh Dongre, technical analyst from Anand Rathi has advised to buy IRCTC shares during the dips. The share price of IRCTC is expected to reach Rs 860 to Rs 890 level soon. A stop loss at Rs 750 is advised.
IRCON Share Target Price and Stop Loss
IRCON shares have made a bottom at Rs 200 to Rs 215 level. The shares are trading at a 37% discounted price from its peak level. The share price is expected to reach Rs 260 to Rs 270 level while stop loss at Rs 205 given.
If any breakdown below these levels should make investors concerned. Investors must keep an eye on these important levels for future potential growth.
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