IRCTC Shares Rally continues for second straight session on Monday with Indian Railways PSU ₹3,040 per share in morning deals. Shares of Indian Railway Catering and Tourism Corporation (IRCTC) rose over 5.5 per cent today to hit new lifetime highs. According to market experts, IRCTC shares may continue to climb to new highs as it has given fresh breakout above ₹3000 today. He said it could go up ₹5,000 per stock level over the next 18 to 24 months.
Speaking on the immediate IRCTC share price target; Sumeet Bagdia, Executive Director, Choice Broking said, “The stock has given fresh breakout today. ₹3,000 levels. One can buy Indian Railways PSU counter for immediate to short term target ₹from 3200 ₹3400. However, stop loss should be maintained ₹Taking this position in 2800 IRCTC shares.”
Speaking on the reason behind such a jump in IRCTC shares; Ravi Singhal, Vice Chairman, GCL Securities said, “The IRCTC share price rally is mainly due to the company’s aggressive focus on its hospitality business. The market understanding is that IRCTC is trying to emerge as an A to Z solution provider in the hospitality business. Because it has been joining hands with aviation and surface transportation service providers as well as tying up with hotels. It is also aggressively on its food supply business by making deals with local food-chain players. Hence, IRCTC is no longer going to remain just an e-ticketing platform.”
Santosh Meena, Head of Research, Swastika Investmart Ltd said, “IRCTC share price is in strong bullish momentum where it has gained over 100 per cent in 2021 and has crossed the psychological level. ₹3000. Correction due to COVID-19 was a great opportunity for portfolio investors to hold onto it as everyone wanted to buy it at any cost before COVID-19 because of its monopoly and future growth outlook. The reopening theme is gaining momentum while it has a tailwind of stock split news. Railways’ asset monetization plan is another trigger for its re-rating. bullish momentum may continue ₹from 3070 ₹3100 is an immediate resistance zone; Above this, it is likely to move towards ₹3300 levels. If it sees any profit booking from ₹3070 ₹3100 resistance zone then ₹from 2775 ₹2700 would be a good shopping area.”
On his views on IRCTC share price target, Ravi Singhal of GCL Securities said, “IRCTC is a portfolio stock and this counter is a must buy for the next 18-24 months target. ₹5,000 per equity level.”
Disclaimer: The views and recommendations given above are those of individual analysts or broking companies and not of Mint.
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