Multibagger stock for 2023: Rail Vikas Nigam Limited or RVNL shares are one of the multibagger stocks in 2022. In last six months, this Indian Railways’ PSU stock has delivered to more than 125 per cent return to its shareholders and in last one year, this Mini Ratna PSU stock has almost doubled shareholders’ money by delivering around 95 per cent return in this time. However, IFL Securities sees more steam left in the stock. As per the IIFL Securities report, RVNL shares may emerge as one of the multibagger stocks in 2023 as the brokerage sees RVNL share price rising to the tune of ₹130 apiece levels in next one year.
Speaking on the reason for being bullish on RVNL shares, Anuj Gupta, Vice President — Research at IIFL Securities said, “RVNL shares have observed a strong rally in on the monthly chart. It moved up by around 97 per cent in the last 3 months after giving breakout at ₹40 apiece levels. Volume in the stock is quite substantial for more than year, which suggests bull rend in the stock to continue further.”
On reasons for being bullish on RVNL stocks for long term, Anuj Gupta of IIFL Securities said, “RVNL shares have made higher top higher bottom formation on the charts, which is coupled with a trend line break out at ₹40 apiece levels. This signals, long term bull trend in the stock and we might see the upside movement in the stock that we have been witnessing for the last three months.
On his suggestion to positional shareholders in regard to RVNL shares, Anuj Gupta said, ” One should maintain buy on dips strategy in RVNL shares. It has strong support at ₹40 apiece levels. The stock has made good buying zone of ₹58 to ₹60 levels on chart pattern and one time investors are advised to wait for the correction and enter around the given levels for long term target of ₹120 to ₹130 apiece levels.”
RVNL share price history
In last one month, RVNL shares have remained under the sell off heat as the stock has dipped to the tune of 10 per cent in this time. However, in last six months, it has risen from around ₹30 to ₹69 apiece levels, delivering to the tune of 130 per cent return to its shareholders. In last one year, it has risen from near ₹35 to ₹69, delivering almost 100 per cent return to is positional investors in this time. In last five years, this stock has risen from 19.75 to ₹69 per share levels, surging to the tune of 250 per cent in this time.
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 taking any investment decisions.
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