IRCON Stock Finds Support At 200-DMA: SEBI RA Anupam Bajpai Sees Bullish Bias Above This Key Level
Synopsis
The ₹212 level, previously a support, now acts as a resistance for IRCON. The analyst marks it as a crucial level to watch for a breakout.
IRCON International is likely to face resistance near ₹212 after closing below that level on June 12, according to SEBI-registered analyst Anupam Bajpai.
At the time of writing, IRCON International shares were trading at ₹203.77, down 0.6% on the day.
He noted that the stock price had been consolidating between ₹212 and ₹225 following a 13.67% rise on June 4.
Bajpai said the stock closed below the important support level of ₹212 on June 12 and subsequently fell by 1.98% on June 13.
He stated that, as per the principle of interchangeability, the ₹212 level will now act as a critical resistance level.
The analyst added that the stock had taken support from the 200-day moving average on Monday.
Bajpai said the 200-day moving average would act as an important support level and that the stock will be bullish until it trades above it.
On Stocktwits, retail sentiment was ‘bearish’ amid ‘low’ message volume.
The stock has declined 6.4% so far in 2025.
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