IFCI’s (Industrial Finance Corporation of India) share price has been on an upward trend for a long time. The PSU share is one of the multi-bagger shares that the Indian stock market delivered in the post-COVID rally. In the last four years, this multi-excavator share in the NSE has risen from Rs 3.50 to Rs 40.70 per share. The IFCI shares still show some upward momentum. The PSU share opened in an upward trend yesterday and reached an intraday high of Rs 40.70 per share at the NSE, corresponding to an intraday increase of 5 per cent within a few minutes after the start of the stock market.
During the rise to this intraday high, the IFCI stock price also reached an upward trend of 5 per cent yesterday. Last month, the PSU share remained in basic construction mode, as the entire PSU segment was under sell-out pressure. Since the beginning of the year, however, the multi-bagger share has brought over 40 per cent to its shareholders. In the last six months, IFCI’s share price has risen from almost Rs 24 to Rs 40.70 per share, which corresponds to an increase of around 70 per cent during this time. Last year, this multi-bagger PSU share price increased from around Rs 9 to Rs 40.70 per share, which corresponds to an increase of 350 per cent during this period. With this, the PSU completed its journey from a penny stick to a multi-excavator penny stick last year. As mentioned above, the PSU share has recorded a robust rally in the course of the recovery after COVID-19.
In the course of the recovery after COVID, IFCI’s share price has risen from around Rs 3.50 to Rs 40.60 per share, corresponding to an increase of 1100 per cent in the last four years. Sumeet Bagadia, Executive Director at Choice Broking, expects further price increases in the IFCI share price and said, “The IFCI shares have built a strong base at Rs 37 per share and the stock looks positive in the chart pattern. IFCI shareholders are advised to keep the PSU share for further price increases and to keep the stop loss at Rs 37 per share.
They could rise to Rs 50 per share in the short term as soon as the current hurdle of Rs 45 per share is exceeded. “On the proposal for new investors, Sumeet Bagadia said, “New investors can buy IFCI shares at the current price while strictly complying with the stop loss at Rs 37. You are advised to maintain the strategy of buying with price declines with each major price drop until the stock is above Rs 37 per share. You can also buy and hold the stock for short-term targets of Rs 45 and Rs 50.”
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