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Why IRCTC share prices today zoomed to new high

IRCTC share price: One can hold the counter maintaining the stop loss at  ₹1950 as it may showcase 8-10 per cent upside swing in next 15-20 trade sessions after breaking the immediate  ₹2100 hurdle, say experts. (PTI)Premium
IRCTC share price: One can hold the counter maintaining the stop loss at 1950 as it may showcase 8-10 per cent upside swing in next 15-20 trade sessions after breaking the immediate 2100 hurdle, say experts. (PTI)

This sharp rise in IRCTC shares can be attributed to easing of lockdown restrictions, airline traffic doubling in June 2021 fuelling speculation for the same in Indian Railways traffic and strong fundamentals of the Indian Railways' PSU stock, say experts

IRCTC share price today scaled new high of 2184 at NSE — logging more than 3 per cent intraday gains. According to stock market experts, this sharp rise in IRCTC shares can be attributed to easing of lockdown restrictions, airline traffic doubling in June 2021 fuelling speculation for the same in Indian Railways traffic and strong fundamentals of the Indian Railways' PSU stock.

Speaking on the strong reasons for sharp rise in IRCTC share price Avinash Gorakshkar, Head of Research at Profitmart securities said, "The airline traffic has doubled in June 202 that has sparked speculation for the same translating in the Indian Railway traffic too. Since, IRCTC has monopoly business in online train ticket booking; investors are pumping money heavily in the IRCTC stocks." Gorakshkar said that IRCTC works at 60-65 per cent profit margins in digital train ticket booking that is expected to get reflected in its June quarter results.

Sharing major IRCTC share price levels that stock market investors must keep in mind Sumeet Bagadia, Executive Director at Choice Broking said, "IRCTC shares have given a strong breakout after sustaining above 2075 levels. One can hold the counter maintaining the stop loss at 2050 as it may showcase 8-10 per cent upside swing in next 15-20 trade sessions."

On his suggestion to the investors who want to buy IRCTC shares Rohit Singre, Senior Technical Analyst at LKP Securities said, "IRCTC shares have given a breakout yesterday and in upcoming trade sessions, it may go up to 2300 in immediate short-term and then up to 2500 in near one month." He said that those who have IRCTC shares in one's Demat Account, are advised to hold the counter maintaining trailing stop loss at 2050.

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