The share price of IRCTC has been on an upward trajectory for the past two days, having gained nearly 12 per cent in the last two sessions. PSU stock of Indian Railways jumped on Thursday 671.65 per level to 714.15 level. The rally extended on Friday and the stock touched intraday highs Friday’s session at the level of 752.75 saw an increase of about 5 percent. So, IRCTC share price has increased from 671.65 In the last two sessions at the level of 752.75, it has registered an increase of about 12 percent in this short time.
According to Share Market Experts, IRCTC share price is about to give 200 DMA breakout 750 each level. He added that once it closes above this level, there could be a possibility of further upside in the stock. However, from a fundamentals perspective, IRCTC has promised quarterly numbers in Q1FY23 and the market is in discussion about Indian Railways PSUs selling their passenger data base, which may help them generate an additional revenue. This will enable the company to improve its margins.
On the reason behind the sudden rise in IRCTC share price in the last two days, Avinash Gorakshakar, Head of Research, Profitmart Securities said, “This hike in IRCTC share price is purely speculative as there is market buzz that the company got approval from Indian Railways to sell its passenger data base to other companies. But, neither Indian Railways nor IRCTC has issued any official statement in this regard.However, the company has managed to deliver attractive quarterly numbers in Q1FY23 and The numbers are expected to improve further even if the buzz turns out to be false news.”
Anticipating a 200 DMA breakout in IRCTC, Sumeet Bagadiya, Executive Director, Choice Broking said, “IRCTC shares are on the verge of giving a 200 DMA breakout. If the stock holds up. 750 per level so it can go up from 800 830 in the short term. Hence, those who have this stock in their portfolio are advised to hold the stock with the stop loss below 675 levels.”
Disclaimer: The views and recommendations given above are those of individual analysts or broking companies and not of Mint.
catch all business News, market news, today’s fresh news events and breaking news Updates on Live Mint. download mint news app To get daily market updates.