RVNL Shares: This year there was a rise in railway shares. One of those shares is in Rail Vikas Nigam Limited RVNL (Rail Vikas Nigam Limited). RVNL shares fell in a highly volatile session. The stock fell 7.51% today on Wednesday and closed at Rs 172.30. The stock was down 14.72 per cent from its one-year high of Rs 199.35 on September 12, 2023. Despite this fall, Multibagger stock has increased by 202.76%. Which was reached on March 1 this year, from a 52-week low of Rs 56.15.

What did the company clarify?

KRDCL-RVNL JV (joint venture) has emerged as the lowest bidder for the Varkala Sivagiri railway station, the company said in a BESE filing. Varkala Sivagiri railway station is in Kerala. The railway station will also be improved and rebuilt. Note that there is a joint venture between RVNL(Rail Vikas Nigam Limited) and Karnataka Road Development Corporation Limited (KRDCL). RVNL holds 49% and KRDCL 51% stake in this joint venture. The estimated cost of the project will be Rs 123.37 crore.

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What was the brokerage's reaction?

On technical setup, you can see support between Rs 170 to Rs 180 on the counter. An analyst said that if the stock closes below Rs 175, it may fall further. As stated. RVNL is likely to see strong resistance around its one-year high before seeing Rs 200 level. The brokerage said that the counter is set to cross the Rs 200 level soon. However, a strong resistance is seen around Rs 190-196 area (previous swing highs).

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“Support will be at Rs 170 and resistance at Rs 200,” said Anand Rathi. The expected trading range for the month will be between Rs 150 to Rs 220. AR Ramachandran of Tips2Trades said, “RVNL faces strong resistance near Rs 198 levels. A daily close below Rs 175 could result in a fall to Rs 155 in the near term.

Superfast News Coverage By YuvaPatrkaar.com Team

Publish Date: December 21, 2023  

Posted By Sunil

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