RVNL stock turned into a multibagger since Coronavirus crash, here's what analysts say

Shares of Rail Vikas Nigam Ltd (RVNL) have delivered multibagger returns since the Coronavirus crash in the last five years. RVNL shares ended at Rs 13.9 a day before Coronavirus crash on March 20, 2020. The railway stock ended at Rs 371.55 in the current session, delivering multibagger returns of 2,563% returns during the period.

Sensex and Nifty tumbled to their lowest levels since 2016 on March 23, 2020 as coronavirus-led lockdowns across the world triggered fears of a recession. In the same session, the RVNL stock ended 19.78% lower at Rs 11.15 on BSE.

Meanwhile, in the current session, the RVNL stock closed 2.85% higher at Rs 371.55 on BSE. Market cap of the firm rose to Rs 77,468 crore.

RVNL shares have a one-year beta of 1.6, indicating high volatility during the period.

In terms of technicals, the relative strength index (RSI) of RVNL stands at 53.2, signaling it's trading neither in the overbought nor in the oversold zone. Rail Vikas Nigam shares are trading lower than the 50 day, 100 day, 150 day, 200 day but higher than the 5 day, 10 day, 20 day, 30 day moving averages.

Here's a look at what analysts said on the outlook of the multibagger.

Osho Krishan, Senior Analyst - Technical & Derivatives, Angel One said, "RVNL has been hovering close to its 50-DEMA, which has historically acted as a strong resistance level during pullbacks. If the stock manages to sustain buying above the range of Rs 380-382, it is likely to gain momentum and could potentially reach the Rs 420 area, which corresponds to a bearish gap on the daily chart. Considering the recent trends, the 21-day DEMA, located around the 352 level, is expected to provide a cushion against any short-term fluctuations. Additionally, the historical support level around the Rs 320-310 zone remains a critical area of support."

Mandar Bhojane, Equity Research Analyst, Choice Broking said, "RVNL is currently trading at Rs 374, having recently rebounded from a key support level on the daily timeframe. The stock has formed bullish candles for the past four trading sessions, indicating a sustained long-term reversal. It has recovered nearly 22% from its recent low, reflecting growing bullish sentiment. The rising trading volumes further strengthen this positive outlook, suggesting strong buying interest. Additionally, RVNL has broken above its 50-day EMA and is now approaching the 200-day EMA. A decisive close above these levels would confirm a strong bullish trend."

"A sustained move above the critical Rs 380 resistance level could provide an ideal entry point for long positions, with a potential upside target of Rs 440. On the downside, Rs 360 can act as a support level for minor pullbacks. Traders may also enter at the current price of Rs 374, with a stop-loss at Rs 350 to manage risk effectively. While the trade setup appears favorable, it is essential to follow strict risk management strategies to navigate potential short-term volatility and ensure successful trade execution," added Bhojane.

Shitij Gandhi, Senior Technical Analyst, SMC Global Securities said, "Share price of Rail Vikas Nigam Limited has experienced significant volatility recently, surging nearly 10% in the past week but declining approximately 12% year-to-date in 2025. Over the last three years, the stock has delivered an impressive rally, soaring over 900%. From a technical perspective, the stock has been under pressure, with prices fluctuating below key moving averages, indicating a bearish trend. The recent price surge appears to be a technical bounce following a steep correction. However, broader chart indicators, including secondary oscillators, remain in negative territory, suggesting no clear reversal signal at this stage. In the near term, any upward movement is likely to face strong resistance in the Rs 385- Rs 395 zone, while the Rs 340-330 range is expected to act as a support level. Given the current technical setup, the stock is anticipated to trade sideways in the upcoming sessions, with no decisive directional move expected as long as the price remains within the defined range."

Jigar S Patel from Anand Rathi said, "Support will be Rs 360 and resistance at Rs 375. A decisive move above the Rs 375 level may trigger a further upside to Rs 390. The expected trading range will be between Rs 355 and Rs 390 for the short-term."

A R Ramachandran, SEBI registered Independent analyst says, "RVNL is bullish on the Daily charts with strong support at 351.25. A Daily close above resistance of 393 could lead to a target of 425 in the near term."

Ameya Ranadive, Chartered Market Technician, CFTe, Sr Technical Analyst, StoxBox seems bullish on the stock.

"RVNL is exhibiting signs of bullish momentum. The price has rebounded from recent lows and is now approaching key resistance levels. The stock is trading above the 20-EMA but remains below the 50- and 100-EMA, suggesting early-stage recovery. A breakout above Rs 381 could strengthen the uptrend, with a potential target of Rs 415. Technical indicators support the positive outlook. The RSI stands at 59.68, indicating strengthening momentum without being overbought. The ADX (16.30) reflects a moderate trend strength, while the MACD histogram is showing signs of potential bullish crossover. Notably, volumes have increased, confirming buying interest. The view remains bullish as long as RVNL sustains above Rs 350. A breakdown below this level could negate the positive outlook, leading to further weakness. Traders may consider accumulating on dips while maintaining a stop-loss below Rs 350," said Ranadive.

RVNL is an executing arm of Indian Railways and works for and on behalf of the ministry for projects assigned to it for execution. It works on a turnkey basis and undertakes the full cycle of project development from conceptualisation to commissioning including stages of design, preparation of estimates, calling and award of contracts, project and contract management.