Prabhudas Lilladher said, IRFC shares which is the largest railway company in terms of market share, has been consolidating for quite a while near 178 zone of the long term trendline support level after the decent correction from the peak zone of 229 levels and has indicated signs of improvement moving past the significant 50EMA level of 183 and with bias getting better is anticipated to rise further in the coming days.
With the RSI cooling off from the overbought zone has arrived at an attractive zone with a positive trend reversal indicated to signal a buy and has much upside potential from current zone, the brokerage highlighted.
With the chart looking good, we suggest to buy the stock for an upside target of 230-250 keeping the stop loss of 164, it said.
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