IFCI shares retrace after hitting a 52-week high. Opportunity to buy this NBFC PSU stock?

IFCI share price today: Despite tepid movement in the key benchmark indices of the Indian stock market, IFCI shares saw strong buying in the early morning session. IFCI share price today opened with a downside gap at ₹98.21 apiece on the NSE, but the PSU stock soon gathered an upside momentum and touched an intraday high of ₹101.66 per share. However, the NBFC stock failed to sustain gains and hit an intraday low of ₹95.90 apiece, a level that may attract bottom fishers.

Breakout stock to buy today

According to stock market experts, IFCI shares have given a technical breakout at ₹95, and the PSU stock appears bullish on the technical chart. They said that shareholders with a long-term horizon may hold the stock for an upside target of ₹120. However, experts recommended a strict stop loss at ₹90. A fresh investor may also consider buying this NBFC PSU stock, maintaining the same stop-loss for the above-mentioned target of ₹120 over the next one to two months.

IFCI share price: Technical outlook

Speaking on the outlook of IFCI shares, Sumeet Bagadia, Executive Director at Choice Broking, said, “The PSU stock is looking strong on the technical chart and may bounce back after the profit-booking trigger at the new 52-week high. The stock has made a strong base at ₹90 per share levels, and IFCI shareholders may consider holding the scrip with a stop loss at ₹90 for the short-term targets of ₹110 and ₹120."

The Choice Broking expert said that IFCI shareholders can expect a target of ₹120 in the next one to two months.

IFCI share: Is this a stock to buy today?

Whether one should consider buying IFCI shares after the fall from the 52-week high, Mahesh M Ojha, VP — Research & Business Development at KC Securities, said, “The PSU stock is still looking strong on the technical chart, and one can consider buying IFCI shares at around the ₹92- ₹95 range. The stock may soon bounce back and touch ₹102, ₹108 and ₹120+ targets in the short-term time horizon.”

IFCI share price history

IFCI share price has delivered 25% in one month, 80% in six months, and a whopping 750% returns in the last five years.

Disclaimer: This story is for educational and informational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified financial experts before making any investment decisions.