IRFC shares may see a 33% rally, but chartists want it to cross these levels first

IRFC shares have fallen 12% from their recent high of ₹ 200 hit on June 3, the day of the exit polls. After the drop on June 4, which saw it fall to ₹ 164, it is on the road to recovery. However, the stock is yet to regain the ₹ 188 level it closed at on June 3.

Technical analyst Manas Jaiswal believes that if you want to maintain your position in IRFC then you should hold it. He recommends maintaining a stop loss of ₹ 159.

“The first target should be Rs 200,” Jaiswal said while replying to a viewer's question. CNBC Voice. ₹200 is the recent record high of this stock.

Jaiswal said, “Once the stock crosses ₹ 200, it will enter a new zone, following which it could hit ₹ 235 levels.” The ₹ 235 level represents a potential upside of 33% for IRFC from Monday's closing levels.

IRFC was the first IPO of 2021 and performed poorly for the next three years after listing. However, the stock performed brilliantly in 2023, during which the shares rose almost threefold and this growth continued in January 2024, when the stock jumped 75%.

Even at Monday's closing price, IRFC shares are up 7 times from its IPO price of ₹26 per share.

At current prices, IRFC has a market capitalisation of Rs 2.31 lakh crore, which is more valuable than many Nifty 50 companies, and also more than most railway-linked companies.

IRFC shares closed 0.3% higher at ₹ 176.9. The stock has gained 76% so far in 2024. After the rise in January, the stock has mostly been in consolidation mode.