IRFC shares dipped below the 150 price range on Tuesday, falling to a day’s low of 144. The stock picked up steam as Sensex and Nifty turned green, reaching 300 and 120 points, respectively. It is now hovering around the 148 range, rising to 3% in the day’s trade. The surge comes after snapping its four-day loss, and investors are now closely monitoring the stock and its recent performance.

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Anshul Jain, Head of Research at Lakshmishree, revealed that all technical indicators point towards a bearish divergence for IRFC shares. He forecasted that further correction is awaited for the stock, and the equity is yet to reach its bottom. He advised investors to wait for further declines and enter below the 100 level.

IRFC Shares: Next Downward Target Remains Rs 109 to 92

Jain forecasted that IRFC shares could continue their downward trend. The prolonged downward trajectory could last more than three months and dip below the 120 mark. The analyst predicted that if it fails to hold on to its resistance level of Rs 120, the stock has a higher chance of reaching a low of 109.

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“Given the prevailing technical indicators, the stock (IRFC shares) is expected to decline further, with potential downside targets of ₹109 and ₹92 in the next two to three months. Investors are advised to act cautiously and review their positions, as the market appears unfavorable for IRFC in the near term,” he said to Benzinga.

If IRFS shares fall to 92, they will reach their December 2023 lows. While the stock’s short-term momentum is bearish, analysts say taking an entry position below the 100 range is a great buying opportunity. The stock’s long-term prospects remain sold, and every dip could be a buying opportunity.

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In conclusion, taking an entry position between the 109 and 92 mark could be the best investment time.