Up 9x in 2 years, this railway PSU stock remains analysts' long-term favourite; check out target price

Railway PSU stock to buy: Finance Minister Nirmala Sitharaman is all set to present the Union Budget in the Lok Sabha on July 23. Railway stocks are expected to perform better due to the full budget. Therefore, Sandeep Jain of Tradeswift Broking has suggested buying shares of Ircon International on a positional basis. 

Railway PSU stock to buy

Jain has suggested its investors buy Ircon shares which made a new high of Rs 349 on Friday, July 12 and closed at Rs 336.9. There is strong action in railway stocks. Target of Rs 360 and Rs 370 has been given with stoploss of Rs 321. The stock has given a return of about 10 per cent in one week and 25 per cent in two weeks.

Learn market support from Anil Singhvi

Zee Business managing editor Anil Singhvi said that the market will be closed on Wednesday next week and there will be only 4 trading sessions. The weekly expiry of Bank Nifty is on Tuesday. The weekly expiry of Nifty will be on Thursday. There is support for Nifty at 24325-24440. After crossing the figure of 24600-24625, it will be ready for a new rise. Support for Bank Nifty remains at 52000-52075.

Ircon share price history

In one month, Ircon shares have provided returns of more than 23 per cent. While the stock has jumped almost 10 per cent in a week. In a year, the company's shares have given around 4x returns to its investors while increasing 800 per cent in two years.

Ircon's current market capitalisation is Rs 31,681.27 crore. 

Investments in NPS are subject to market risks. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.