PSU Stocks: There was a sharp decline in the stock market on Tuesday. The selling in the market increased so much since morning that Nifty started trading below the support level of 24500 as well as 24400. However, later some bounce was seen from lower levels. Being stock specific is currently considered a good approach in this market. This stock is expected to rise further this week.
Recently there was a reversal in the shares of Railways. Railway construction company IRCON International remained silent for a long time after giving good returns last year, but now once again this stock has gained momentum.
The market cap of IRCON International Limited is Rs 21.62 thousand crore. In the last one month, this PSU share has given a strong return of 25 percent. However, the return of this stock in the last one year has been 30 percent. After a pause, the stock has regained strength.
PSU Stocks: Higher High, Higher Low Structure on Chart
The daily chart of IRCON International is continuously showing a bullish trend. In the trading session of 27 November 2024, the trendline was broken in this stock and after this the structure of higher high, higher low was formed in the stock and it remained in bullish trend.
During this period, the stock has started trading above the important moving average. If we look at the daily chart of IRCON International, the last swing low is at the level of Rs 220. This is a very important support level for IRCON International.
IRCON is a government-owned engineering and construction company that specializes in infrastructure development. It works on railway projects, highways, bridges and other big projects both domestically and internationally.
Considering IRCON's projects and its role in rail infrastructure, there may be many such announcements in the upcoming budget which will benefit it. The railway sector is expecting many positive steps and projects from the government in view of the upcoming budget.
Recently, there was a tremendous rise in the shares of Railways and for some trading sessions, the shares of Railways remained in the rise continuously. Shares of IRCON International had fallen from Rs 354 to a low of Rs 182 since July 2024.
After this, the share increased from Rs 182 to Rs 238 in just 17 trading sessions, which is an increase of about 25 percent.
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