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Home >Markets >Stock Markets >IRCTC share price close to its all-time high — should you still buy?

Indian Railway Catering and Tourism Corporation or IRCTC share price today zoomed around 1 per cent and hit its intraday high of 2,199 — 23 lower from its all-time high of 2,222 mark at NSE. According to stock market experts, the stock has sustained above the recent breakout of 2100 and hence one can still buy the counter for its immediate target of 2400 to 2500. They said that after the acceleration in unlock activities, Indian Railways is expected to further open up — making ideal business environment for IRCTC.

Speaking on the fundamentals supporting IRCTC to sustain above its recent 2100 breakout Avinash Gorakshkar, Head of Research at Profitmart securities said, "IRCTC is an Indian Railways' PSU, which governs almost monopoly in Indian Railways' e-ticket business. They work at around 60 to 65 per cent margin in e-ticketing business. So, in the wake of Indian Railways operations coming back to normalcy is a major trigger that is expected to further work in favour of the IRCTC share price. On can buy this counter for long-term because it is a portfolio stock, which one must have in its portfolio."

Highlighting the major levels that one must keep in mind while taking position in IRCTC stocks Rohit Singre, Senior Technical Analyst at LKP Securities said, "The IRCTC shares have given breakout at 2100 and it has been sustaining above that, which indicates further rally in the counter. Those who hold the counter are advised to maintain trailing stop loss at 2100 while one can indulge in fresh buying as well keeping stop loss at 2100."

Sharing the targets for which one can buy IRCTC shares Mudit Goel, Senior Research Analyst at SMC Global Securities said, "One can buy IRCTC shares at current levels and keep on accumulating till it is trading above 2140 as it is working as immediate support for the counter. The counter is looking positive on the charts and the immediate target for which one can buy IRCTC shares is 2400 to 2500."

IRCTC shares since listing

IRCTC shares were listed at both NSE and BSE on 14th October 2019 at staggering 101 per cent against its issue price of 320 per equity share. So, in near 19 months of its listing, the Indian Railways' PSU stock has delivered near 600% return to its lucky bidders, who are still holding the counter.

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