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IFGL Refractories share price surged 12% in intraday deals on the BSE on Wednesday, 9 September, despite weak stock market sentiment. IFGL Refractories share price opened at ₹205.95 against its previous close of ₹200.95 and touched an intraday high of ₹225, looking set to snap its three-day losing run.The stock is witnessing strong traction as the company seeks shareholder approval to appoint Mukesh Harshadrai Rawal as Director and CEO India, for a period of three years, on and from Sunday, 16 August 2026, to Wednesday, 15th August, 2029.IFGL Refractories has announced a voting process for its shareholders to approve the appointment of Mukesh Harshadrai Rawal as a whole-time director, designated as director and chief executive officer (CEO) India.IFGL Refractories share price trendThe stock has jumped over 42% in the last six months. It hit a 52-week low of ₹120.10 on 30 March this year after hitting a 52-week high of ₹339.50 on 6 October last year. On the monthly scale, the stock has been up since June this year.What should investors do?Vipin Kumar, AVP-Research at Globe Capital Market, underscored that the stock is exhibiting a positional price structure of lower highs and lower lows on the weekly chart.Kumar said the recent pullback rally, which started from support around the previous swing low in the ₹100– ₹120 zone, is likely to face resistance around ₹250– ₹260."Both volume and volume distribution are weak. Hence, we suggest that traders avoid this kind of illiquid stock, as it generally leads to indecisive, volatile swings," said Kumar.Aditya Thukral, the founder and analyst at AT Research and Risk Managers, underscored that IFGL Refractories has been trading within the sideways range of ₹190- ₹240.The stock is trading above all the major exponential moving averages; however, the stock needs to continuously close above ₹226 to create a bullish momentum."Till then, all the rallies will get sold and pull the prices back to lower supports of ₹190. A close above ₹240 will create a fresh uptrend in the stock, and the stock will try to target the next resistance at ₹290 in that case. However, a close below ₹190 could take the price further lower towards the next important support of ₹150," said Thukral.“There is no trading opportunity in the stock at the moment. Only the range breakout or breakdown could bring a directional move in the stock,” Thukral said.Read all market-related news hereRead more stories by Nishant KumarDisclaimer: This article is for educational purposes only and does not constitute investment advice. The views and recommendations expressed are those of individual analysts or broking firms, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.
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