RVNL Share Price: Amid Government's Offer For Sale (OFS), experts unveil this money-making strategy

RVNL Share Price: Rail Vikas Nigam Limited (RVNL) stock is one of the newsmakers today as the Indian Government's Offer For Sale (OFS) has opened for retailers today. Yesterday non-retail portion of the OFS got subscribed 1.05 times. On the back of these corporate developments, stock market experts have said that RVNL shares are at its support and one can buy RVNL stocks for up to Rs 34 target in one-week time-horizon. RVNL share price today is at Rs 27.70 mark (at 12:18 PM on 25th March 2021).

Speaking on RVNL share price outlook Mohit Goel, Senior Research Analyst at SMC said, "RVNL has strong support at Rs 25 to Rs 26 and one can buy VNL shares at current levels for the immediate target of Rs 31. Once it hits this Rs 31 target it may also hit Rs 34 target in next one week from today." However, he advised share market traders to maintain the stop loss at around Rs 25.

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Asked about RVNL share price targets in next one week; Simi Bhaumik, a SEBI registered technical stock analyst said, "Currently, RVNL share price is moving range-bound in the Rs 25 to R 30 range. Once, it clears Rs 30 resistance, there can be fresh momentum expected in the Railway PSU stock."

The offer for sale (OFS) of the government’s equity share in RVNL will open for retail investors today. The non-retail portion was subscribed 1.05 times yesterday. The government has used the oversubscription option. It will take an additional 0.53 per cent oversubscription option on the base issue (1.10 crore shares). At present, the government has an 87.84 per cent stake in RVNL with the rest 12.16 per cent stake is with the public. After selling a 15 per cent stake, RVNL will meet the minimum 25% public shareholding norm set by the market regulator SEBI.