Rail Vikas Nigam Ltd (RVNL) shares were trading 1.57 percent higher at Rs 248.35 on Friday. At this price, the stock has gained 36.34% in 2024. Nonetheless, it has delivered multibagger gains during the last year, surging 278.22 percent.
The railway PSU recently emerged as the lowest bidder for a contract with South Eastern Railway worth Rs 167.28 crore. Prior to this, RVNL had secured eight order wins by March.
Analysts remained mainly upbeat about the counter. However, one of them identified a slight negative trend in the near term.
“We can once see an outperformance in railway stocks. For RVNL shares, one can expect upside targets of Rs 280-300 levels in the near term. Keep stop loss placed at Rs 220,”
Ratnesh Goyal, Head of Technical Analysis at Arihant Capital
RVNL is the executing arm of Indian Railways, working for and on behalf of the ministry to complete projects allocated to them. It operates on a turnkey basis, managing the entire project development cycle from conceptualization to commissioning, including design, estimate preparation, contract calling and awarding, and project and contract administration.
“RVNL looks slightly bearish on daily charts with strong resistance at Rs 258. A daily close below support of Rs 213 could lead to a downward target of Rs 185 in the near term.”
AR Ramachandran from Tips2trades
