IRFC shares can cross ₹220 in the next 6-8 months if it crosses this level, says this analyst

Shares of IRFC had surged as much as 75% in the month of January but have been in a downward trend since. The stock is still down 26% from its peak of ₹192, which it had hit on January 23 this year.

Shares of Indian Railways Finance Corporation (IRFC), can cross levels of ₹220 over the next six to eight months, according to technical analyst Manas Jaiswal. However, he said that this can happen only once the stock crosses levels of ₹160 on the upside. The state-run railway financier has not closed above levels of ₹160 since February 8.

Jaiswal said that one needs to be alert on these kind of shares as they are not that kind that you can lock up for two years and then discover what the price is. However, he advised holding on to positions as the trend is positive. However, he advised existing positions if and when the stock falls below levels of ₹100.

Shares of IRFC had surged as much as 75% in the month of January but have been in a downward trend since. The stock is still down 26% from its peak of ₹192, which it had hit on January 23 this year.

IRFC was the first IPO of 2021, having debuted on the bourses at a slight discount compared to its issue price of ₹26 per share. Having done nothing in the next two years, the stock saw a stellar 2023, rising over 200% in 2023.

At its peak, IRFC’s market capitalisation was higher than over 20 Nifty 50 companies. Even at the current price, IRFC commands a market capitalisation of over ₹1.85 lakh crore, which is still higher than a lot of the index constituents like Tata Steel, LTIMindtree, Tech Mahindra among others.

Shares of IRFC are trading a percent higher at ₹141.65. The stock is flat so far in April, having declined 3% in March and another 16% in February.