Opening ₹9 higher from its Wednesday close of ₹2,188, IRCTC shares logged around 2 per cent gains from its previous close and hit its new all-time high breaching its previous high
Indian Railway Catering and Tourism Corporation or IRCTC share price today peaked its all-time high of ₹2248 breaching its previous high of ₹2222. Opening ₹9 higher from its Wednesday close of ₹2,188, IRCTC shares logged around 2 per cent gains from its previous close and hit its new all-time high breaching its previous high that it had achieved last month. According to stock market experts, IRCTC stock price is rising because both fundamentals and technicals of the counter are showcasing positive bias.
Speaking on the technicals that are fueling IRCTC share price Rohit Singre, Senior Technical Analyst at LKP Securities said, "IRCTC share price is looking positive on the technical chart and it has given breakout at ₹2100 and has managed to sustain above that mark. So, IRCTC scaling new high was very much expected and those who are holding these stocks are advised to keep the counter in its portfolio as it may go up to ₹2500 in immediate short-term time horizon."
Sharing the fundamentals that are helping IRCTC share price rally Ravi Singhal, Vice Chairman at GCL Securities said, "IRCTC shares are rising due to the acceleration in unlock activities. Indian Railways' is opening up starting new trains one after another. So, market is expecting fast coming normalcy and Indian Railways coming back to its full operational strength in the near future. Since, IRCTC business model is directly connected with the Indian Railways, IRCTC is expected to emerge major beneficiary of this development taking place at Indian Railways."
IRCTC share price target 2022
Ravi Singhal of GCL Securities said that IRCTC stock is a portfolio share and one should keep it for long-term. He advised IRCTC share holders to hold the counter for next 12 to 18 months as it is expected to go up to ₹3200 to ₹3700 in this period once it breaks ₹2500 hurdle.
Singhal also advised fresh buyers to buy IRCTC shares at current levels in SIP mode and keep on accumulating till it is above ₹2150. However, he advised strict stop loss at ₹2120 while taking buy position in the counter.