RVNL, Titagarh and Texmaco Rail also hit their fresh 52-week highs in trade today. The stocks have been rallying ahead of the Union Budget 2024.
IRFC has remained unbeaten over the last five trading sessions, gaining 46% during this period. On Tuesday, the stock generated significant investor interest, with over 19.62 crore shares changing hands around 10:45 am.
The stock has had a great run on the exchanges over the past 12 months, delivering 328% returns during this period. With a market cap of over Rs 1.85 lakh crore, it is the largest railway stock trading on the Indian exchanges.
With the recent rally, the stock is now trading in a strongly overbought zone. Momentum indicators RSI and MFI are hovering around 88 and 85, respectively as reported by Trendlyne.
RVNL, which is the construction arm of the Ministry of Railways, has seen its share price swell by nearly 200% in the last 12 months. Meanwhile, Ircon International (234%), Jupiter Wagons (283%), Titagarh Rail Systems (135%) and Texmaco Rail (220%) have also significantly outperformed the Nifty which has given over 23% returns during this period.
RVNL is trading above its 50-day and 200-day simple moving averages (SMAs) and the day’s RSI and MFI show this stock to be trading in a strongly overbought zone.Investors must be mindful that RVNL is a high-beta stock and is currently trading with a 1-year beta of 1.3, according to Trendlyne.
The situation for another PSU railway stock Ircon is no different as the counter is trading above its 50-day and 200-day SMAs and is placed in a strongly overbought zone.
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