RailTel shares cross Rs 200 mark for first time; can they hold onto gains?
Multibagger stock: RailTel Corp shares gained 6.07 per cent to a record high of Rs 202.40 against the previous close of Rs 190.80 on BSE. Market cap of the firm rose to Rs 6134.74 crore.
- Aug 29, 2023,
- Updated Aug 29, 2023 5:10 PM IST
Shares of RailTel Corporation of India Ltd crossed the Rs 200 mark for the first time today amid modest gains in the broader market. RailTel Corp shares gained 6.07 per cent to a record high of Rs 202.40 against the previous close of Rs 190.80 on BSE. Market cap of the firm rose to Rs 6134.74 crore. Total 11.57 lakh shares of the firm changed hands amounting to a turnover of Rs 22.67 crore. At 2:49 pm, the Railtel stock was trading 1.07% higher at Rs 192.85 on BSE.
The multibagger stock has zoomed 101 per cent in a year and risen 50.75 per cent this year. The stock hit a 52-week low of Rs 93.95 on August 29, 2022.
In terms of technicals, the relative strength index (RSI) of RailTel stands at 69.1, signaling neither the stock is overbought nor oversold. The stock has a one-year beta of 0.9, indicating low volatility during the period. RailTel stock is trading higher than the 5 day, 20 day, 50 day, 100 day and 200 day moving averages.
Abhijeet from Tips2trades said, “Railtel Corp looks bearish and has a strong resistance at Rs 206.45 on the daily charts. A daily close below support of Rs 190 could lead to a target of Rs 164 in the near term."
Om Mehra, Equity Research Analyst, Choice Broking said, "RailTel, the prominent player in the railway sector, has reached an all-time high of Rs 202.45, marking a significant breakthrough after an extended period of consolidation. The railway industry's stocks have been on an upward trajectory, bolstered by consistent support from the government, which has added an extra layer of appeal to the sector. The stock has been trading above all important moving averages. The stock has witnessed a remarkable surge of 22 percent within a month, while the year-to-date gains stand impressively at 52.63 percent. The daily charts have revealed the formation of a shooting star pattern indicating some sorts of reversal signal, it is advisable for existing investors to consider capitalizing on the gains by booking some profits at the current levels. On the other hand, fresh investors might find it appropriate to wait for a potential entry point around the Rs 170-175 range. This could provide a more favorable risk-reward ratio for those aiming for a target price range of Rs 215-225. Views would be negated if price triggers below Rs 158."
RailTel Corporation is a Mini Ratna (Category-I) PSU and is one of the largest neutral telecom infrastructure providers in the country owning a pan-India optic fiber network on exclusive right of way (ROW) along railway track. The company's segments include telecom services and project work services.
Shares of RailTel Corporation of India Ltd crossed the Rs 200 mark for the first time today amid modest gains in the broader market. RailTel Corp shares gained 6.07 per cent to a record high of Rs 202.40 against the previous close of Rs 190.80 on BSE. Market cap of the firm rose to Rs 6134.74 crore. Total 11.57 lakh shares of the firm changed hands amounting to a turnover of Rs 22.67 crore. At 2:49 pm, the Railtel stock was trading 1.07% higher at Rs 192.85 on BSE.
The multibagger stock has zoomed 101 per cent in a year and risen 50.75 per cent this year. The stock hit a 52-week low of Rs 93.95 on August 29, 2022.
In terms of technicals, the relative strength index (RSI) of RailTel stands at 69.1, signaling neither the stock is overbought nor oversold. The stock has a one-year beta of 0.9, indicating low volatility during the period. RailTel stock is trading higher than the 5 day, 20 day, 50 day, 100 day and 200 day moving averages.
Abhijeet from Tips2trades said, “Railtel Corp looks bearish and has a strong resistance at Rs 206.45 on the daily charts. A daily close below support of Rs 190 could lead to a target of Rs 164 in the near term."
Om Mehra, Equity Research Analyst, Choice Broking said, "RailTel, the prominent player in the railway sector, has reached an all-time high of Rs 202.45, marking a significant breakthrough after an extended period of consolidation. The railway industry's stocks have been on an upward trajectory, bolstered by consistent support from the government, which has added an extra layer of appeal to the sector. The stock has been trading above all important moving averages. The stock has witnessed a remarkable surge of 22 percent within a month, while the year-to-date gains stand impressively at 52.63 percent. The daily charts have revealed the formation of a shooting star pattern indicating some sorts of reversal signal, it is advisable for existing investors to consider capitalizing on the gains by booking some profits at the current levels. On the other hand, fresh investors might find it appropriate to wait for a potential entry point around the Rs 170-175 range. This could provide a more favorable risk-reward ratio for those aiming for a target price range of Rs 215-225. Views would be negated if price triggers below Rs 158."
RailTel Corporation is a Mini Ratna (Category-I) PSU and is one of the largest neutral telecom infrastructure providers in the country owning a pan-India optic fiber network on exclusive right of way (ROW) along railway track. The company's segments include telecom services and project work services.