RITES share price is going to rally up to Rs 771, you will get a chance to earn big money
RITES Ltd. has been in the spotlight due to fluctuations in its share price and the upcoming trading day. Investors are keenly watching the stock’s performance, especially with the recent trends and news surrounding the company. This article delves into RITES’ share price performance, key news updates, and significant price levels to watch for tomorrow.
RITES Ltd., a public sector undertaking in India, specializes in consultancy services in transport infrastructure. The company’s shares have seen a mix of ups and downs recently, closing at ₹710.85 on September 17, 2024, which marked a slight decline of 0.11% from the previous day’s close of ₹711.60.
Main Points
The overall market sentiment for RITES has been somewhat bearish lately. The stock opened at ₹711.60 but has shown signs of weakness, particularly with a noticeable drop in revenue reported recently. The company experienced a quarter-on-quarter revenue decline of 23.88%, marking its lowest performance in three years. This decline has raised concerns among investors about the company’s immediate financial health.
Despite these challenges, RITES has maintained a robust long-term performance record, with a three-year return of approximately 145.57%, outperforming the Nifty Midcap 100 index. However, analysts are cautious about short-term movements due to the recent financial results.
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For September 19, analysts have set various price targets for RITES shares based on current trends and technical analysis:
- Downside Targets:
- ₹698.78 (First target)
- ₹694.75 (Second target)
- ₹690.85 (Third target)
- Upside Targets:
- ₹714.93 (First target)
- ₹718.00 (Second target)
- ₹720.00 (Third target)
These targets suggest that if the stock remains below ₹710, it may continue to face downward pressure. Conversely, if it can break above ₹715, there might be potential for recovery.
Key Support and Resistance Levels
Understanding support and resistance levels is crucial for traders looking to capitalize on short-term movements:
- Support Levels:
- Immediate support at ₹698
- Further support at ₹690
- Resistance Levels:
- Immediate resistance at ₹715
- Further resistance near ₹720
These levels are critical as they indicate where the stock may find buying interest or selling pressure during trading sessions.
Currently, analysts have mixed views on RITES shares. The average target price from various brokers stands at around ₹671.50, indicating a potential downside from the current trading price. However, some analysts believe that if RITES can stabilize above ₹710, it may attract more buyers.
Investors should also note that RITES has announced a dividend of ₹5 per share with a record date set for September 20, 2024. This dividend announcement could influence investor sentiment positively in the short term.
