IFCI shares jumped nearly 9% on Thursday, 8 October, even as the broader stock market remained under pressure. However, technical indicators suggest that the stock continues to face resistance at higher levels, with analysts cautioning that the recent upmove could be a relief bounce rather than a trend reversal.
IFCI share price today opened at ₹64.08 apiece on the BSE, the stock touched an intraday high of ₹69.81 per share, and an intraday low of ₹63.28 per share.
The stock has gained 4.11% in the past week and 22.59% over six months, while its year-to-date gain stands at 27.91%. However, IFCI shares have declined 9.75% in two weeks, 26.73% in one month and 8.07% over three months.
Virat Jagad, Senior Technical Research Analyst at Bonanza, said IFCI has witnessed a 5.61% relief bounce from the ₹63.30 support level and is now testing a key horizontal resistance zone of ₹67.60– ₹68.
“Trading below its 20, 50, 100 and 200 EMAs with RSI at 39, overall momentum remains weak,” Jagad said.