IRCTC, Ircon International, RVNL: How to trade these 3 buzzing railway stocks

IRCTC, Ircon International, RVNL: How to trade these 3 buzzing railway stocks

An analyst at Anand Rathi said that Ircon displayed some encouraging technical signals in the previous trading session, despite trading below its 200-DEMA, which typically signals a bearish trend.

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RVNL found support at its 200-DEMA in the previous trading session, a significant technical level that often acts as a dynamic support during uptrends, said the analyst.RVNL found support at its 200-DEMA in the previous trading session, a significant technical level that often acts as a dynamic support during uptrends, said the analyst.
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Pawan Kumar Nahar
  • Oct 29, 2024,
  • Updated Oct 29, 2024 7:29 AM IST

Indian benchmark indices saw a rebound on Monday and settled higher. Results from the banking sector and positive global cues supported the sentiments at Dalal Street. BSE Sensex surged 602.75 points or 0.76 per cent, to end the session at 80,005.04. NSE's Nifty50 rallied 158.35 points, or 0.65 per cent, to close at 24,339.15 for the day.

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Some buzzing railway stocks including Indian Railway Catering and Tourism Corporation Ltd (IRCTC), Rail Vikas Nigam Ltd (RVNL) and Ircon International Ltd are likely to remain under the spotlight of traders for the session today. Here is what Jigar S Patel, Technical Research Analyst, at Anand Rathi Shares and Stock Brokers has to say on these stocks ahead of Tuesday's trading session:

 

Despite trading below its 200-DEMA, which typically signals a bearish trend, Ircon displayed some encouraging technical signals in the previous trading session. It closed above a longstanding bearish trendline, a break that often signifies a potential trend reversal or, at minimum, a pause in the current downtrend. Adding to this, the RSI on the daily chart has shown a bullish divergence, suggesting that downward momentum is weakening, and buyers are gradually stepping in. This setup points to a possible short-term move towards the 200 DEMA as the next resistance level. Given these factors, a long position in the Rs 199-202 range is recommended, with a stop-loss at Rs 193 to limit risk. The target for this trade is set at Rs 216

Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.

Indian benchmark indices saw a rebound on Monday and settled higher. Results from the banking sector and positive global cues supported the sentiments at Dalal Street. BSE Sensex surged 602.75 points or 0.76 per cent, to end the session at 80,005.04. NSE's Nifty50 rallied 158.35 points, or 0.65 per cent, to close at 24,339.15 for the day.

Advertisement

Related Articles

 

Some buzzing railway stocks including Indian Railway Catering and Tourism Corporation Ltd (IRCTC), Rail Vikas Nigam Ltd (RVNL) and Ircon International Ltd are likely to remain under the spotlight of traders for the session today. Here is what Jigar S Patel, Technical Research Analyst, at Anand Rathi Shares and Stock Brokers has to say on these stocks ahead of Tuesday's trading session:

 

Despite trading below its 200-DEMA, which typically signals a bearish trend, Ircon displayed some encouraging technical signals in the previous trading session. It closed above a longstanding bearish trendline, a break that often signifies a potential trend reversal or, at minimum, a pause in the current downtrend. Adding to this, the RSI on the daily chart has shown a bullish divergence, suggesting that downward momentum is weakening, and buyers are gradually stepping in. This setup points to a possible short-term move towards the 200 DEMA as the next resistance level. Given these factors, a long position in the Rs 199-202 range is recommended, with a stop-loss at Rs 193 to limit risk. The target for this trade is set at Rs 216

Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.
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