Since October 2022, the price of rvnl stock has been increasing. Shortly before Q3FY24 began, the price of RVNL shares broke out of the base building phase and reached a new high of ₹36 per share. Investors have continued to consider it a “buy on dip” stock ever since. It appears that there is still some upside potential in the stock, though.. During the intraday session, the share price of RVNL experienced an increase and hit a new all-time high of ₹205.40 per share.
Experts in the stock market assert that the rise in rvnl stock price can be attributed to the Government of India’s (GoI) emphasis on rail infrastructure. The market has grown positive about RVNL and other railway stocks because of what stands to gain for RVNL from this GoI action. They suggested storing up on inventory because prices might go up until the Union Budget of 2024.
Reasons for the rise in the price of RVNL stock.
When questioned about the elements that raised the price of rvnl stock According to Saurabh Jain, Vice President — Research at SMC Global Securities, the GoI’s announcement that it will be focusing on rail infrastructure has caused the market to be bullish on railroad stocks recently. The Government of India recently declared plans to increase funding for the country’s rail network. RVNL is among the companies that would profit from this move. As a result, the market is upbeat regarding rvnl stock. The stock may pause once the dates for the 2024 Lok Sabha Elections are announced, but this upward trend may continue until the Union Budget 2024.
rvnl stock prices are expected to rise in the future, according to Choice Broking Executive Director Sumeet Bagadia, who stated, “The chart pattern for the share price of RVNL is positive.” ₹190 per share is a strong support level for rvnl stock. It is advised that holders of this stock maintain their short-term goals of ₹210 and ₹220 and maintain their stop loss at ₹190.
Historical rvnl stock prices.
In the last month, the share price of RVNL has risen by over 12%, and over 65% over the last six months. In the last year, rvnl stock price has climbed by more than 175%.