RailTel Corporation of India Ltd shares rose sharply in Tuesday's trade to scale their record high level. The stock zoomed 13.97 per cent to hit an all-time high of Rs 483.65. At this price, the scrip counter has gained 402.76 per cent from its one-year low value of Rs 96.20, a level seen on March 28 last year.
The counter saw heavy trading volume today as around 15.28 lakh shares were last seen changing hands on BSE. The figure was way more than the two-week average volume of 4.78 lakh shares. Turnover on the stock came at Rs 71.57 crore, commanding a market capitalisation (m-cap) of Rs 15,087.31 crore.
Technical analysts said that near-term support could be seen at Rs 460. On the higher side, immediate resistance may be found around Rs 500. And, a decisive breach above the said level is required for further upside. That said, an analyst also suggested booking profit at current levels.
Osho Krishan, Senior Research Analyst - Technical & Derivatives at Angel One, said, "RailTel has experienced a remarkable surge in today's trading session, reaching its all-time high, thanks to significant trading volumes. Currently, Rs 440 is expected to serve as intermediate support, followed by a robust support level of Rs 400. As the stock has entered uncharted territory, finding resistance is a bit challenging. An immediate resistance level could be seen at Rs 500, which could be an initial halt for the bullish investors, breaching which the next leg of rally could get triggered."
Shiju Koothupalakkal, Technical Research Analyst at Prabhudas Lilladher, said, "The stock has gained strength to indicate a breakout above the previous peak zone of Rs 460, anticipating a further rise in the coming days. With near-term support now lifted to Rs 460, one can expect for higher targets of Rs 512-555 levels."
Jigar S Patel, Senior Manager - Technical Research Analyst at Anand Rathi Shares and Stock Brokers, said, "Support will be at Rs 460 and resistance at Rs 484. A decisive close above Rs 484 level may trigger a further upside till Rs 500. Expected trading range will be between Rs 450 and Rs 520 for a month."
AR Ramachandran from Tips2trades said, "RailTel is bullish but overbought on daily charts with next resistance at Rs 522. Investors should book profits at current levels as a daily close below support of Rs 417 could lead to a target of Rs 360 in the near term."
RailTel Corp, a Mini Ratna (Category-1) PSU, is an information and communications technology (ICT) provider and one of the largest neutral telecom infrastructure providers in the country with a pan-India optic fiber network. As of December 2023, the government holds a 72.84 per cent stake in the company.
(Disclaimer: Business Today provides stock market news for informational purposes only and that should not be construed as investment advice. Readers are encouraged to consult a qualified financial advisor before making any investment decisions.)
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