IRCTC share price dips after giving breakout. Opportunity for bargain buying?
IRCTC share price: After hitting 52-week low of ₹557 apiece on NSE in July 2022, shares of Indian Railway Catering and Tourism Corporation (IRCTC) have bounced back strongly rom there onwards. The Indian Railway’s PSU stock has been in uptrend for last four to five months and on technical chart pattern, it has delivered breakout at ₹720 per share levels. However, the stock has retraced after hitting over ₹750 apiece levels — attracting attention of the bargain hunters of the Dalal Street.
According to stock market experts, IRCTC share price has made double bottom formation at ₹720 apiece levels and it has given breakout above this level recently on hourly chart pattern. They said that IRCTC shares may go up to ₹930 apiece levels once it breaks the immediate hurdle placed at ₹770 to ₹780 apiece levels. They advised IRCTC shareholders to accumulate at current levels whereas one can buy the stock at current levels with strict stop loss at ₹700 apiece levels.
Speaking on IRCTC share price outlook for near term, Mehul Kothari, AVP — Technical Research at Anand Rathi said, “IRCTC share price has given fresh breakout at ₹720 apiece levels, which is working as immediate support for the stock. High risk investors can buy the scrip at current levels maintaining strict stop loss at ₹720 for immediate short term target of ₹755 to ₹760.”
On reason for being bullish on IRCTC shares, Manoj Dalmia, Founder & Director at Proficient Equities said, “Some of the hospitality companies like LemonTree and Indian Hotels have expressed strong business outlook expecting high moolah in tour and travel sector. Hence, this is expected to trickle down in IRCTC business as well. That’s why market is buzzing with upside mood in regard to IRCTC stocks. Those who have this stock in their portfolio are advised to accumulate at current levels for immediate target of ₹760 apiece levels.”
Manoj Dalmia of Proficient Equities said that those who want to buy the scrip but with safe play, they can buy IRCTC shares above ₹775 to ₹780 levels for immediate target of ₹840 On breaching ₹840 target, IRCTC shares may go up to ₹920 to ₹930 apiece levels. He said that all these targets are expected to meet in next 8-9 months.
IRCTC share price today opened downside and went on to make intraday low of ₹728 apiece on NSE. However, the Indian Railways’ PSU stock has managed to maintain above ₹720 support levels (breakout levels where it made double bottom formation on hourly chart pattern).
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.
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Ganesh
http://ganesh@finplay.inFinance enthusiast, Mutual fund expert.