IRFC Share Price Target 2023: Should You Buy Railway PSU Stock Amidst Correction After A 200% Jump?

IRFC Share Price Target 2023, IRFC Share Price NSE, BSE: The stock is undergoing much needed consolidation / time wise correction after a stellar outperformance during the last couple of quarters.
IRFC Share Price Target 2023: Should You Buy Railway PSU Stock Amidst Correction After A 200% Jump?

IRFC Share Price Target 2023: Should You Buy Railway PSU Stock Amidst Correction After A 200 Jump?

IRFC Share Price Target 2023, IRFC Share Price NSE, BSE: Shares of Indian Railway Finance Corporation Limited (IRFC) have delivered multibagger returns of 127.89 per cent in the last 180 days, as per data available on the National Stock Exchange (NSE). On YTD basis, the stock has multiplied investors wealth by a whopping 131 per cent in the year so far. It had posted a net profit of Rs 6,337.01 crore for the fiscal year 2023, an increase of over four per cent over last year.

IRFC Share Price Target 2023

According to Jatin Gedia, Technical Research Analyst at Sharekhan by BNP Paribas, the current consolidation provides an opportunity to enter the stock at long term support zone and from a medium-term perspective we expect the stock to retest its recent swing high of 92 with the potential to stretch higher till 120 – 125 zone.
IRFC has been broadly trading in the range 92 – 65 since September 2023. This consolidation comes after the stock witnessed a 200% jump between July to September 2023. The stock is undergoing much needed consolidation / time wise correction after a stellar outperformance during the last couple of quarters. In terms of levels, the zone of 62-65 is a crucial support zone where support in the form of the 20-week moving average and the 50% Fibonacci retracement level of the rise from 32 to 92 is placed.

IRFC Share Price History

At the time of filing this report, the counter quoted at Rs 75.90 apiece on the NSE, down by 1.30 per cent. In the last two yeas, the Railway PSU stock has delivered 221.99 per cent return, while 175.83 per cent returns in the last 365 days, making investors richer with massive wealth.
(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of TN Network.)
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