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IFCI shares rise nearly 9% as technicals point to resistance ahead
The stock opened at ₹64.08 on the BSE, peaked at ₹69.81 intraday, and analysts said it is still trading below multiple key moving averages.
IFCI shares climbed nearly 9% on Thursday, October 8, even as the broader stock market remained under pressure, according to LiveMint Markets. The stock opened at ₹64.08 on the BSE, touched an intraday high of ₹69.81, and an intraday low of ₹63.28.
Analysts cautioned that the rally may be a relief bounce rather than a sustained trend reversal, pointing to technical resistance at higher levels. LiveMint Markets cited a view from Virat Jagad, Senior Technical Research Analyst at Bonanza, saying IFCI is testing a horizontal resistance zone of ₹67.60 to ₹68 after bouncing 5.61% from the ₹63.30 support level.
The report also said IFCI is trading below its 20, 50, 100, and 200 EMAs, with RSI at 39, which suggests weak momentum. Jagad added that the stock would need to hold above ₹69.50, its 200-EMA, to signal a meaningful trend reversal.
Performance-wise, LiveMint Markets noted the shares gained 4.11% over the past week and 22.59% over six months, while the year to date gain stands at 27.91%. It also cited declines of 9.75% over two weeks, 26.73% over one month, and 8.07% over three months.