In the stock market crash last week, the Indian Railway Catering and Tourism Corporation or irctc share price Mid-cap stocks were one of the major losers. However, after the stock market peaked on 18 October 2021, IRCTC shares fell by over 30 per cent, making it an ideal buy for long-term investors. The positional investor got further boost as IRCTC share price rose sharply in morning deals and posted 5 per cent intraday gains.
According to stock market experts, this rally in PSU shares of Indian Railways is due to market sentiment and hence this jump should not be ended with a fall in IRCTC shares. One should wait for few more trading sessions to take any decision in this regard. However, he advised positional investors to buy IRCTC shares at current levels for an immediate target. 930 per.
Advise short-term investors to buy IRCTC shares at current levels; Sumeet Bagadiya, Executive Director, Choice Broking said, “On the chart pattern, this rise in the morning trading session is followed by a trend reversal. Short term investors and traders can buy IRCTC shares at current levels with a slightly deeper stop. Losses can be maintained. 750 with an immediate target of 880 in focus.”
Asking investors to take positional calls over the counter; Ravi Singhal, Vice Chairman, GCL Securities said, “There is strong support for IRCTC share price 760. Hence, this bounce in the counter was widely expected after a sharp decline of over 30 per cent in the over the counter post-stock market peak of 18 October 2021. the goal of 920 to 940.
When asked whether IRCTC share price has dipped, Ravi Singhal of GCL Securities said, “In just one day’s rise, we cannot assure that the stock has bottomed out. But, if This profit deepens and the stock closes in the green zone. For a few more trading sessions, logging gains on a weekly basis, then we can assume that the stock has bottomed out.” He advised investors to maintain a tight stop loss below Level 760 when taking any position in the counter.
Disclaimer: The views and recommendations given above are those of individual analysts or broking companies and not of Mint.
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