Rail Vikas Nigam Limited (RVNL) shares experienced a minor decrease on September 18, 2024, ending at ₹528.60, a decrease of 0.37%. Even with the decrease, RVNL continues to be an appealing investment in India’s infrastructure development narrative, with new contracts adding to its optimistic perspective.
Based on the chart, RVNL is currently testing support at ₹516.80. This level has held firm in recent weeks, and if it remains intact, a rebound toward the ₹637.40 resistance zone could follow. However, a break below ₹516.80 might open the door to further downside, targeting the next key support at ₹425.90.
India’s efforts to improve its railway infrastructure have led to an increase in RVNL’s stock
price, as the company has been awarded several projects as a result. The company’s strategic importance to India’s government is a significant factor fueling positive investor sentiment. However, concerns around rising costs and potential project delays could introduce headwinds.
Conclusion
RVNL’s technical setup looks promising, with bulls fighting to maintain support. Investors should watch for any breakouts above ₹637.40, which could lead to fresh all-time highs, or a breakdown below ₹516.80, which may signal a deeper pullback.
This post was last modified on Sep 18, 2024, 13:18 BST 13:18