Share Market Update: Share price increased by 5 percent in one day! Which stocks filled the pockets of investors? –

Share Market Update: Shares of IRCON International (NSE code – IRCON) rose nearly 5% in a volatile Friday session despite continued weakness in the broader market. Railway stocks were in the limelight as strong buying sentiment across railway stocks was seen ahead of the upcoming Budget 2023. IRCON shares hit an intra-day high of 64.20 on the NSE

Technically, the stock has registered a strong price volume breakout from its consolidation pattern. Along with this, it is trading above all its key short and long term moving averages. The 50-DMA has crossed above its 20-DMA and indicates medium-term positivity. Volume rose for the third day in a row and buying activity increased in the stock. The 14-period RSI (57.39) has crossed above its previous swing high and indicates strong strength in the stock. The MACD line has crossed above its signal line and shows bullish momentum. Overall, the stock exhibits a bullish trend in a weak market, which may attract traders for the upcoming trading session.

Medium-term resistance is located in the Rs 66-67 level zone and immediate support is placed at Rs 62 level. Momentum traders can include it in their watchlist to track further developments in the stock.

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