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Business News/ Markets / Stock Markets/  IRCTC share price dips despite strong Q4 results. Buy, sell or hold?
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IRCTC share price dips despite strong Q4 results. Buy, sell or hold?

IRCTC share price today is facing hurdle at ₹650 apiece levels, believe stock market experts

IRCTC share price may go up to ₹727 per share levels once it breaches its current resistance placed at ₹650 apiece levels, say experts.Premium
IRCTC share price may go up to 727 per share levels once it breaches its current resistance placed at 650 apiece levels, say experts.

Indian Railway Catering and Tourism Corporation or IRCTC share price today witnessed sell off pressure despite reporting strong Q4 results 2023. IRCTC share price today opened with a downside gap and went on to hit intraday low of 627.30 apiece on NSE, logging near 3 per cent dip from its Monday close of 645.75 per share on NSE.

According to stock market experts, this dip in IRCTC share price should be seen as buying opportunity by positional investors as IRCTC Q4 results 2023 is in sync with market expectations. So, profit booking in IRCTC share triggered soon after stock market's opening today. They said that IRCTC share price has strong support placed at 605 apiece levels. Experts maintained that ITCTC shares have resistance at 650 and on breaching this hurdle, it may become bullish for short to medium term and go up to 727 apiece levels.

On reason for dip in IRCTC share price, Chandan Taparia, Derivative & Technical Analyst at Motilal Oswal said, "IRCTC share prices are falling because of the profit booking trigger in early morning deals. Yesterday, IRCTC Q4 results 2023 were in sync with the stock market's expectations and hence profit booking in the stock triggered immediately after the market opening today. However, this dip in IRCTC shares should be seen as buying opportunity as the stock is expected to bounce back strongly from its lower levels."

Chandan Taparia said that IRCTC share price has hurdle placed at 650 per share levels and it may become highly bullish once it breaches this immediate resistance placed at 650 per share levels. He advised IRCTC shareholders to hold the stock as it may bounce back strongly from its lower levels.

IRCTC share price target 2023

Unveiling money making strategy from IRCTC shares, Chandan Taparia of Motilal Oswal said, "One can buy IRCTC shares at around 630 apiece levels for immediate target of 650 and 670 maintaining."

Standing in sync with Chandan Taparia's views, Vaishali Parekh, Vice President - Technical Research at Prabhudas Lilladher said, "IRCTC share price has bottomed out near 560 zone and given a decent pullback towards 630 levels where the stock has been in consolidation and currently has given a strong positive candle to indicate a breakout above the rectangular box anticipating for further upside move with improvement in the bias. With the RSI showing strength has again regained after a short correction to signal a buy and has much upside potential to carry on the momentum still further ahead. We suggest buying and accumulating the stock for an upside target of 727 while keeping the stop loss at 605."

 

IRCTC Q4 results 2023

IRCTC earned a net profit of 278.8 crore in the fourth quarter of FY23, rising by 30.4 per cent from a profit of 214 crore witnessed in the same quarter a year ago. IRCTC posted double-digit growth across key parameters on a year-on-year basis and also recommended a dividend of 100 per cent for its shareholders. Revenue from operations jumped by 39.7 per cent to 965 crore in Q4FY23, as against 691 crore in Q4 of the previous fiscal.

 

Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.

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ABOUT THE AUTHOR
Asit Manohar
Chief Content Producer at Live Mint Digital Team
Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
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Published: 30 May 2023, 10:35 AM IST
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