IRFC Stock Rockets Past Rs 100: Analysts Predict 2024 Surge; What's Next for Railway Powerhouse? #irfcshare #stockmarket

 Headline: IRFC Stock Surges Beyond Rs 100, Sets Sights on 2024 Targets; Analysts Share Insights

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Recent developments in the IRFC share price have garnered attention as it reached a new milestone, crossing Rs 100 on the National Stock Exchange (NSE) and exhibiting a significant 8.79% intra-day surge from its previous close of Rs 92.65 on December 15, 2023. Closing at Rs 94.95 per share, the momentum of the Public Sector Undertaking (PSU) Railway Stock continues to impress investors and analysts alike.

Over the past seven consecutive sessions, the IRFC share price has witnessed a remarkable increase of nearly 22%. Starting at Rs 75.80 on December 6, 2023, it reached an all-time high of Rs 100.80 amid widespread buying, marking an impressive 32% surge during this seven-day rally.

While the current trading price stands at Rs 94.95, caution is advised against succumbing to FOMO (Fear of Missing Out) buying at the current market levels. Analysts recommend waiting for an anticipated pullback for optimal entry.

V.L.A. Ambala, a SEBI Registered Research Analyst and Co-Founder of Stock Market Today (SMT), suggests a value buying range between 75 and 80, with potential targets ranging from 90 to 140 over the next 2 to 8 months. He emphasizes setting a swing stop-loss at 62.

Commenting on the bullish trend, Ambala notes a significant MACD Bullish Breakout at 76 levels in the daily timeframe, resulting in a 12% upside move within a week.

Jay Thakkar, VP and Head of Alternate Research at Sharekhan by BNP Paribas, asserts that IRFC looks strong for the short to medium term, having broken out from a sideways consolidation. With crucial support at 75, Thakkar sets a target of 100/105, highlighting increased volumes and a bullish crossover in momentum indicators.

BSE Analytics reports an impressive 188.25% climb in the last 180 days and a Year-to-Date (YTD) rate increase of 187.81%. Over the past 24 months, the stock has multiplied investors' wealth by 306.39%, reflecting substantial gains for investors.