Railway-related stocks were buzzing in trade on Friday, having zoomed up to 12 per cent on the back of high volumes. RVNL, Titagarh and RITES were the major gainers up 11 - 12 per cent each.
Among others,
RailTel, Texmaco Rail, Jupiter Wagons, Ircon International and IRFC surged in the range of 6-8 per cent each. In comparison, the
BSE Sensex and the
NSE Nifty were down 0.3 per cent each at 82,250 and 24,985 levels, respectively.
Meanwhile, on the technical charts, stock prices of RailTel and IRCTC were seen testing their respective 200-Day Moving Averages (200-DMAs) after a gap of 6 - 8 months. Technically, the 200-DMA is considered as a key long-term trend indicator - stocks or indices trading above this key moving average are considered bullish and vice versa.
Follow Stock Market Latest Updates Today LIVE Against this background, here's a technical outlook on key railway-related shares.
IRCTC
Current Price: ₹809
Upside Potential: 29.2%
Support: ₹785; ₹760; ₹750
Resistance: ₹830; ₹855
IRCTC stock is seen testing resistance at its 200-DMA, which stands at ₹815, after almost 8 months. The key momentum oscillators on the daily and weekly charts too are favourably placed. The stock, however, faces multiple resistances in the ₹830 - ₹850 zone.
CLICK HERE FOR THE CHART Hence, a big rally at the counter can be expected only after a breakout above ₹855. Post which, the stock can potentially rally towards ₹1,045 levels. For now, the near-term bias is expected to remain positive as long as the stock holds above ₹750, with near support visible at ₹785 and ₹760 levels.
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RailTel
Current Price: ₹387
Upside Potential: 18.9%
Support: ₹355; ₹337
Resistance: ₹400; ₹420
RailTel stock is seen testing its 200-DMA, which stands at ₹388, after 5 months. That apart, the stock is also attempting a breakout above its 20-Month Moving Average (20-MMA), which stands at ₹382. A monthly close above this shall augur well for the stock. Following which, the stock can potentially extend the rally towards ₹460 levels.
CLICK HERE FOR THE CHART Interim resistance for the stock can be anticipated around ₹400 and ₹420 levels. The near-term bias is expected to remain favourable as long as the stock holds above ₹355 and ₹337 levels.
RVNL
Current Price: ₹413
Upside Potential: 16.2%
Support: ₹399; ₹377
Resistance: ₹439
RVNL has surged nearly 30 per cent so far this week, to a high of ₹418. In the process, the stock is seen trading firmly above its 100-DMA for the first time since February 1. The stock now seems on course to test its 200-DMA which stands at ₹439. Break and sustained trade above the same can trigger a fresh rally towards ₹480-odd levels, shows the long-term chart.
CLICK HERE FOR THE CHART The near-term bias for the stock is likely to remain upbeat as long as the stock holds above ₹399; below which the key support will be the 100-DMA at ₹377.
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RITES
Current Price: ₹275
Upside Potential: 12.7%
Support: ₹260; ₹240
Resistance: ₹278; ₹288; ₹293
RITES stock is seen trading within striking distance of the 200-DMA, which stands at ₹278. The near-term bias is likely to remain bullish, as long as the stock holds above ₹260; below which strong support stands at ₹240. On the upside, the stock needs to trade consistently above ₹288 for a bigger rally to emerge. The stock could potentially zoom to ₹310 levels, with interim resistance likely around ₹293.
CLICK HERE FOR THE CHART
Ircon International
Current Price: ₹190
Upside Potential: 20%
Support: ₹181; ₹173
Resistance: ₹200; ₹205; ₹215
Ircon International seems on course to test its 200-DMA hurdle around ₹200-mark. The near-term bias shall favour the bulls, as long as the stock quotes above ₹181; below which support for the stock exists at ₹173 levels. On the upside, the stock faces a barrage of hurdles between ₹205 - ₹215. Breakout from this zone can lift the stock towards ₹228 levels.
CLICK HERE FOR THE CHART 
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