IRCON jumps 6.5% on Rs 862.5 crore railway order

IRCON International rose as much as 6.5% after securing an Rs 862.5 crore East Central Railway order. Support is at Rs 100, with resistance at Rs 107. IRCON International Limited [

] rallied as much as 6.5% in the morning on 13 October, after an Rs 862.5 crore order from East Central Railway in Bihar. The stock pared gains to settle 1.23% higher at Rs 106.02, its third straight winning session. The engineering, procurement and construction (EPC) contract was disclosed on 12 October, and the work must be completed within 365 days. IRCON’s order book stood at Rs 23,366 crore at the end of June, so the order adds about 3.7%. The stock has fallen more than 70% from its September 2024 peak, so one order has not changed the trend. The longer trend is strongly bearish, with lower highs from the January peak near Rs 186. Today’s reversal from Rs 111.68 shows sellers still active near the top. RSI is 42.70, above its average of 36.23, so momentum is improving from oversold levels. Key technical levels: - Support: Rs 100 - Immediate resistance: Rs 107 A close above Rs 107 would extend the bounce. A close below Rs 100 would open fresh lows. Volume is the key signal. I do not hold any position in this stock. This is not a recommendation to buy or sell. Disclaimer: Investments in securities are subject to market risk. This is for informational purposes only. Investors must verify information before investing and consider their financial position & risk profile.