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Published: December 15, 2023
Updated: December 15, 2023

IRFC's Remarkable Rally: Nearing the Century Mark

In the latest market move, IRFC shares surged impressively by 15.05%, reaching a significant one-year high of Rs 96.10. This stellar performance marks a whopping 190% rally over the last six months, catching the attention of market participants.

Market Buzz and Trading Dynamics:

IRFC's recent surge attracted substantial market activity, with a whopping 4.72 crore shares changing hands, well above the two-week average volume of 73.51 lakh shares. This surge in trading activity translated into a turnover of Rs 428.95 crore, contributing to a substantial market capitalization of Rs 1,24,111.60 crore.

Analyzing the Charts: Aiming for Rs 100

As we analyze the charts, it's evident that IRFC is on the brink of a significant milestone— the coveted Rs 100 mark. The technical indicators suggest that a decisive close above Rs 99 could pave the way for further upside. However, in the dynamic world of stocks, varying opinions exist, with some suggesting a cautious approach and advocating profit booking at current levels.

Insights into the Technical Terrain

The charts reveal a clear breakout above the previous peak zone, indicating a potential rise to Rs 99 with solid support near Rs 84. Additionally, there's a notable emphasis on strong traction and the likelihood of IRFC testing the three-digit figure, with short-term support expected in the Rs 90-85 zone.

Market Sentiment and Price Outlook

As we navigate this upward trajectory, optimism resonates among market observers, anticipating the stock hitting Rs 100 in the near term. Chart analysis emphasizes key support at Rs 85, while resistance is anticipated around Rs 100.

Cautious Optimism and Potential Blips:

While the bullish sentiment prevails, it's crucial to acknowledge overbought signals on the daily charts, signalling caution. A potential resistance level at Rs 101.2 is identified, and investors are advised to exercise prudence, especially considering the possibility of a daily close below Rs 88, which could signal a short-term target of Rs 68.