Source link
Mumbai – Shares of Ircon International Ltd rose nearly 5% in Friday’s volatile session. The broader market, however, continues to decline. Shares of railway companies are in the news as investors are witnessing more buying in railway stocks ahead of the upcoming Budget 2023. Shares of Ircon hit a session high of Rs 64.20 on the national stock market.
Technically this company stock has registered a strong price volume breakout from its consolidation pattern. At the same time it is trading above all its major short and long term moving averages. The 50-DMA has crossed the 20-DMA level. This shows medium-term positivity. The share count has increased for the third consecutive session and the stock is witnessing increased buying activity. The 14-period RSI (57.39) has crossed its previous high and it shows the value potential in this stock. The MACD line is above the signal line and shows bullish momentum. The stock shows a bullish trend even in an overall weak market. Therefore, investors should consider including this stock in their portfolio for the upcoming session.
This article is published by Dalal Street Investment Journal, India’s No. 1 investment magazine. Click here and subscribe to receive regular shares and recommendations from Teji.
The stock’s medium-term resistance is Rs. It is between 66-67. While the immediate support is Rs. is at level 62. Investors can keep an eye on this stock to track further developments in the stock.
Disclaimer: This above is third party content and TIL hereby disclaims any and all warranties, express or implied, relating to the same. TIL does not guarantee, vouch for or endorse any of the above content or its accuracy nor is responsible for it in any manner whatsoever. The content does not constitute any investment advice or solicitation of any kind. Users are advised to check with certified experts before taking any investment decision and take all steps necessary to ascertain that any information and content provided is correct, updated and verified.
