Ircon Share Price: Government offers OFS at Rs 88; here is how stock market investors can make money

Ircon Share Price: Ircon International share price today opened on the lower side today even when the Ircon OFS (Offer For Sale) got oversubscribed on the first day of subscription yesterday. According to stock market news buzz, this slide in Ircon shares is due to the Government of India offering its 16 per cent stake sale through OFS at floor price of Rs 88. Stock analysts are of the opinion that Ircon OFS price is lower than the Ircon share price and that is the reason for the slide in the counter. They advised investors to enter at Rs 85 to Rs 90 per stock mark for the immediate target of Rs 95 and Rs 105 for next target in small-term perspective.

Speaking on the Ircon OFS price being the reason for slide in Ircon share price today Sumeet Bagadia, Executive Director at Choice Broking said, "The Ircon share price history for the last one month suggests that the counter has made its high of Rs 106 while its low is Rs 85. Currently, Ircon International share price has strong support at Rs 80-81 and one can start buying Ircon shares around that level for the immediate target of Rs 95."

WATCH | Click on Zee Business Live TV Streaming Below:

On an ideal Ircon share price target that an investor must keep in mind, SEBI registered technical equity analyst said, "Overall Ircon shares are bullish and it has immediate support at Rs 87. If this Rs 87 support is broken then it can go up to Rs 82 levels. My suggestion to stock market investors to buy Ircon shares at around Rs 82 levels for the target of Rs 110 to Rs 120 in next three to four months.