RVNL Share Price Hits Lifetime High, Analysts Optimistic about Further Upside

RVNL Share Price Hits Lifetime High, Analysts Optimistic about Further Upside

VoM News Desk | January 11, 2024 | 01:36 PM IST | Breaking News | Follow on Google News

RVNL Share Price Hits Lifetime High, Analysts Optimistic about Further Upside/Mint

RVNL Share Price Hits Lifetime High, Analysts Optimistic about Further Upside

RVNL’s share price has witnessed a steady uptrend since October 2022, recently breaking out at ₹36 apiece ahead of Q3FY24. The momentum continued, with the stock opening higher today and reaching an intraday high of ₹205.40 per share, marking a new lifetime high for this railway stock. Investors have been viewing RVNL as an attractive ‘buy on dip’ stock, with ongoing upside potential.

Market analysts attribute the upward trajectory to the Government of India’s (GoI) emphasis on rail infrastructure, positioning RVNL as a key beneficiary. This positive sentiment extends to other railway stocks, contributing to the bullish outlook on RVNL. Experts suggest holding the stock, anticipating a potential rise until the Union Budget 2024.

Sumeet Bagadia, Executive Director at Choice Broking, expressed optimism, stating that RVNL’s share price exhibits a positive chart pattern. He recommends holding the stock for a short-term target of ₹210 and ₹220, with a stop loss at ₹190, highlighting the strong support at this level.

Reviewing RVNL’s recent performance, the share price has surged over 12% in the last month and an impressive 65% in the last six months. Over the past year, RVNL’s shares have witnessed an outstanding growth of over 175%.

The remarkable rise in RVNL’s share price reflects investor confidence in the company’s prospects, aligned with favorable government initiatives. As the railway sector gains prominence in India’s infrastructure development, RVNL stands poised for further growth, making it an intriguing prospect for short-term investors.

VoM News Desk

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