Shares of IFCI and New India Assurance surged up to 53% in the last two months, only to erase gains amid the NSE IPO launch. Tech analysts decode strategy in these two stocks.
Shares of New India Assurance Company and IFCI cracked up to 14% on account of profit-taking after NSE's IPO grey market premium fell to ₹225 on Tuesday.
Share price of New India Assurance Company hit a 52-week high of ₹229.30, surging 17 per cent on the BSE on the back of six-fold jump in trading volume.
Mayank Jain of Share.Market by PhonePe flags the formation of 'Bullish Flag & Pole' on IFCI and Action Construction Equipment charts; a pattern that suggests likely continuation of the prior uptrend.
In the past two trading days, IFCI's stock price corrected 16% from its 52-week high amid profit booking after the NSE filed the DRHP for its long-awaited IPO.
IFCI has indirect exposure to NSE through its 52.8% stake in Stock Holding Corporation of India Ltd (SHCIL). SHCIL owns a 4.4% stake in the stock exchange, which is preparing to list its shares.
The average trading volumes at the IFCI counter jumped over six-fold, with a combined 319.56 million equity shares changing hands on the NSE and BSE till 03:13 PM on Wednesday.
IFCI share price today: IFCI shares zoomed as much as 11 per cent in trade today after the NSE appointed a record 20 merchant bankers for its long-awaited IPO
IFCI has monetised its 40 per cent equity stake (comprising 1,00,00,000 equity shares with a cost of ₹10 crore) in North Eastern Development Finance Corporation Ltd. (NEDFi)
IFCI invites counter-bids for Rs 869 crore of bad loans from ACCIL after receiving an anchor bid of Rs 50 crore, translating into a recovery of just 5.75%
Infosys, Adani Enterprises, Cochin Shipyard, IFCI and UCO Bank are technically trading in the oversold zone, as per the RSI indicator; charts hint up to 23% downside risk for these 5 stocks.
The rally was led by MMTC, which jumped 14.58 per cent to ₹79.52 amid heavy volumes, followed by IFCI climbing 6.15 per cent to ₹74.50 and Sigachi Industries gaining 5.63 per cent to ₹53.21.
IFCI share price has appreciated by 90% in the last 3 weeks; technical chart suggests that bias for IFCI stock is likely to remain upbeat as long as it trades above ₹68.50 and ₹63.10 support levels.
IFCI stock hit five-month high as it jumped 11 per cent to ₹68 on the BSE on back of two-fold rise in average trading volumes on Wednesday. IFCI has seen a good surge in the last few trading sessions.
