Indian Railway Catering and Tourism Corporation or irctc share price made a new lifetime high today ₹4,013 each. Indian Railways PSU opened with upper margin of stock ₹50.30 per equity share and went on to climb to new highs – registering an intraday gain of over 5.50 per cent in the morning trading session. According to stock market experts, this sharp rise in the share price of IRCTC can be attributed to the recent asset monetization plan of Railways, where markets like New Delhi Railway Station through lounges and private trains provide huge benefits for IRCTC. is assessing. He said that IRCTC shares are in overbought position and may see a sharp decline after profit-booking. However, he also expected a sharp jump in the counter as the overall sentiment for IRCTC shares is extremely bullish.
The reasons for the rise in IRCTC share price were highlighted; Rahul Sharma, Co-Founder, Equity99, said, “IRCTC shares continue to rise ₹2500 level on aggressive plans for expansion and asset monetization. The rally started after the company announced to build a world class lounge at the Delhi Railway Station. The company has also tied up with airlines and is no longer an e-ticketing company. We are still bullish on this counter for the longer term, but in the short term, we expect some correction as it has made a huge rally.”
advising investors to avoid fresh positions in the counter; Santosh Meena, Head of Research, Swastika Investmart Ltd said, “IRCTC shares have given a vehicle move in the last few days where all momentum indicators are suggesting an overbought area which could lead to some correction or consolidation in the coming days can. ₹4000 is a psychological barrier. on the downside, ₹from 3400 ₹3200 would be an immediate demand zone on any correction and any correction in this counter would be a buying opportunity for long term investors.”
advising IRCTC shareholders to put forward the counter; Ravi Singhal, Vice Chairman, GCL Securities said, “IRCTC shares are expected to remain bullish throughout the month. But, fresh buy cannot be advised without a sharp correction. IRCTC stock holders look for immediate targets. It is advisable to keep the counter ahead. ₹4270 more ₹4420 each.’
Disclaimer: The views and recommendations given above are those of individual analysts or broking companies and not of Mint.
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