IRCTC Share Price: Indian Railway Catering and Tourism Corporation’s (IRCTC) rally ended today after shares jumped in the last three consecutive sessions. IRCTC stock opened lower today and reached the day’s low 609.30 per share mark on the NSE in morning deals, down 1.50 per cent from Tuesday’s close. 620 per share level.
According to IRCTC Share Price HistoryIndian Railways’ PSU stock has been going through a sell-off since its inception in June 2022. 695 on NSE on 30 May 2022, IRCTC shares fall 574 per share level by 20 June 2022. However, after At 574, the stock has gained nearly 7 per cent over the past week.
According to stock market experts, there has been an uptick in the recent past. irctc share price Anything other than ‘dead cat bounce’ as PSU stock of Indian Railways is trading sideways with negative bias. He said IRCTC shares will remain under pressure as speculations about a disappointing global economic scenario will have an impact on the Indian stock market as well. Since inflation is also a major concern for Indian and other major economies, the spending of the middle class is expected to come down. As IRCTC mainly caters to the middle class, the market is expecting weaker numbers from the state-owned company in the coming quarters.
Speaking on IRCTC share price movement in recent sessions, Ravi Singhal, Vice President, GCL Securities said, “The rally in IRCTC share price over the past one week is nothing but a dead cat bounce. The stock had fallen from all sides. . 700 odd levels to This month the 570 level and some relief rally in the stock were widely expected. Overall, IRCTC share price trend is sideways with negative bias.”
Ravi Singhal of GCL Securities said the stock mainly caters to the middle class, which will be hit the most if the bearish speculations turn out to be true. In addition, the spending of the middle class is also expected to come down as inflation is a major concern for India and other countries. Hence, the market is expecting that the trading volumes of IRCTC will continue to test the waters in the coming few quarters and hence the stock may go down further, bouncing off such a dead cat from time to time.
What does IRCTC share price chart pattern indicate, Rohit Singre, Technical Research at ABP – Bonanza Portfolio said, “IRCTC stock charts are showing positive divergence on the pattern and in the short term, it may go up 700 level, the level from which it has fallen since coming in June 2022. Hence, it is advisable to continue holding the stock with a strict stop loss in their portfolio for those who have this stock. 570 while high risk traders can buy shares of IRCTC if it comes down 600 again. But, one must maintain a strict stop loss 570 Taking any new position.”
Ravi Singhal of GCL Securities said, “Medium to long term outlook should wait for some time as the rebound from the recent lows may continue for some time. from 550 540 level in the short to medium term. Therefore, if one is interested in taking the price at a discounted price, from 540 550 would be a good buy zone to hold the stop loss long 535 each level.”
Disclaimer: The views and recommendations given above are those of individual analysts or broking companies and not of Mint.