Shares of Titagarh Rail Systems Ltd soared 18.64 per cent in Friday's trade to hit their one-year high level. At this price, the multibagger stock has ascended by more than 338 per cent in 2023 so far. Technical analysts said support on the counter could be seen between Rs 900 and Rs 870 levels. The stock may find immediate resistance around Rs 1,000.
Shiju Koothupalakkal, Technical Research Analyst at Prabhudas Lilladher, said, "Next expected near-term target is Rs 1,025. If the stock sustains the said level then it may achieve Rs 1,105 level in the coming days. Strong support zone would be near Rs 870."
Jigar S Patel, Senior Manager - Technical Research Analyst at Anand Rathi Shares and Stock Brokers, said, "Going forward, Rs 1,000 will be an immediate resistance zone and support is expected near Rs 900."
AR Ramachandran from Tips2trades said, "Titagarh Rail is bullish but also overbought on daily charts with next resistance at Rs 1,079. Investors should book profits at current levels. Support will be at Rs 870."
The counter was trading higher than the 5-day, 10-, 20-, 30-, 50-, 100-, 150-, 200-day simple moving averages (SMAs). The counter's 14-day relative strength index (RSI) came at 79.15. A level below 30 is defined as oversold while a value above 70 is considered overbought. The company's stock has a price-to-equity (P/E) ratio of 46.23 against a price-to-book (P/B) value of 7.67.
The scrip has an analyst target price of Rs 992, Trendlyne data showed, suggesting a potential upside of 2 per cent in a year. It has a one-year beta of 0.7, indicating low volatility on the counter.
A majority of other railway counters were also buzzing today. RailTel Corporation of India Ltd jumped over 10 per cent in late deals today. RITES Ltd and Jupiter Wagons surged up to 6 per cent.
Union Minister Ashwini Vaishnaw told news agency PTI that he is working on a plan to introduce 3,000 new trains in the next four-five years to raise the railways' passenger capacity from 800 crore at present to 1,000 crore.
The railways likely to add 200 to 250 new trains every year and these are besides 400 to 450 Vande Bharat trains, which are going to be added in the coming years, the report mentioned.
(With inputs from PTI)
(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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