IRCTC share price touches 52-week high. Buy, hold or book profit?
- IRCTC share price is on the cusp of giving a fresh breakout at ₹920 apiece level, say stock market experts
IRCTC share price: Shares of Indian Railway Catering and Tourism Corporation (IRCTC) have been on an uptrend after ushering in November 2023. IRCTC's share price bottomed out at ₹645 apiece levels at the end of October 2023. After that, it has been ascending continuously and hitting a new 52-week high regularly. In the last one month time, IRCTC share price has rallied more than 25 per cent but it seems that IRCTC shares still possess upside potential.
IRCTC share price today opened with an upside gap and went on to touch an intraday high of ₹923.45 per share level on NSE, logging an intraday gain of nearly 2.50 per cent. While climbing to this intraday high, the IRCTC shares touched a new 52-week high as well.
According to stock market experts, the market is expecting better Q3 numbers from the company in the internet ticket booking business. They said IRCTC diversified its business during COVID-19 pressure and that is also expected to bear fruits for the company. The online hotels, food, and air ticket booking business of the IRCTC is also expected to see some upside in the upcoming results season. They advised IRCTC shareholders to hold the scrip as IRCTC share price may go up to ₹980 apiece levels in the short term.
Triggers for IRCTC share price rally
On important triggers that are fueling IRCTC share price rally, Avinash Gorakshkar, Head of Research at Profitmart Securities said, "IRCTC's online train ticket booking is expected to rise in October to December 2023 quarter and the market has an idea about this. Apart from this, new Vande Bharat trains are also expected to see the track in the short to medium term, which may help the Indian Railways' PSU to further diversify its business."
Gorakshkar said that during the COVID-19 challenge, IRCTC focussed on diversifying its business. It executed a series of tie-ups with local food vendors, hotels, and aviation companies to boost its online hotel, food, and air ticket booking business. This is also expected to start paying dividends in the short to medium term. A recent announcement by the Government of India (GoI) to infuse fresh money into rail infrastructure, is good news for its new Vande Bharat trains.
IRCTC share price target
Expecting a further rise in IRCTC share price, Sumeet Bagadia, Executive Director at Choice Broking said, "IRCTC share price is looking positive on chart pattern. It is on the cusp of giving breakout at ₹920 apiece levels. Once the stock closes above ₹920 per share levels, one can expect the scrip to touch ₹950 and ₹980 per share levels in the short term. So, IRCTC shareholders are advised to hold the scrip for the above-mentioned short-term target maintaining stop loss at ₹880 apiece level."
On the suggestion to fresh investors, Sumeet Bagadia of Choice Broking said, "Fresh investors can maintain buy on dips strategy for above mentioned short term targets maintaining stop loss at ₹880. However, once the stock gives a breakout at ₹920 level on a closing basis, IRCTC shareholders and fresh investors are advised to upgrade their trailing stop loss from ₹880 to ₹900 per share levels."
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decision.
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