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.
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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.
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