RailTel share price jumped over 8% on Wednesday driven by robust trading volumes and a technical breakout, with analysts forecasting further upside for the railway PSU stock.
RailTel Corporation of India share price rallied as much as 8.77% to ₹354.40 apiece on the BSE. Trading activity was significantly higher than usual, with approximately 1 crore RailTel shares changing hands on May 14 — well above the one-week average volume of 31 lakh shares.
Brokerage firm Anand Rathi has maintained RailTel as its ‘Pick of the Month’, highlighting that railway stocks are beginning to gain traction after a prolonged period of underperformance. The firm noted that RailTel has given a technical breakout on the daily chart, suggesting renewed bullish momentum.
Stock to buy
RailTel Corporation of India share price has confirmed a range breakout from the falling trend line above ₹340 mark.
“We are also witnessing a breakout in daily RSI above 60 level which indicates fresh momentum. Based on the above signals, a buy is advised in the ₹344 – 336 zone with a target of ₹390 and stop loss at ₹315,” Anand Rathi said in a note.
RailTel share price target of ₹390 apiece implies an upside potential of nearly 20% from Tuesday’s closing price.
RailTel Share Price Performance
RailTel share price has gained 20% over the past month, reflecting renewed investor interest. However, on a year-to-date (YTD) basis, the PSU stock is down 14%, and it has declined 10% over the past one year.
Despite this short-term underperformance, the railway PSU stock has delivered multibagger returns, rallying 186% in the last two years and 265% over a three-year period.
At 2:45 PM, RailTel share price was trading 8.67% higher at ₹354.05 apiece on the BSE.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
