IRCTC share price hits all-time high. Experts raise target after breakout
Premium- According to stock market experts, IRCTC shares are bullish till it is trading above ₹2050 per stock mark and it may soon climb up to ₹2500 levels
IRCTC share price today scaled new peak of ₹2173 after giving breakout at ₹2075 per stock levels. According to stock market experts, IRCTC shares are bullish till it is trading above ₹2050 per stock mark and it may soon climb up to ₹2500 levels. They advised IRCTC stock holders to maintain trailing stop loss at ₹2050. However, for those who want fresh entry in the Indian Railways' PSU stock, experts advised them to buy in between ₹2100 to ₹2150 range.
IRCTC share price target
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Speaking on IRCTC share price forecast Rohit Singre, Senior Technical analyst at LKP securities said, "IRCTC share price has give breakout at ₹2075 and now the counter is highly bullish. It may further scale new peak and go up to ₹2300 and ₹2500 levels. Those who have IRCTC shares in its portfolio, should hold the counter maintaining trailing stop loss at ₹2050."
Sumeet Bagadia, Executive Director at Choice Broking said, "IRCTC shares have broken its ₹2100 hurdle after giving fresh breakout today. Now, one can buy the counter even at current price ( ₹2155 at NSE at 9:48 AM) maintaining stop loss at ₹2050 for around 8-10 per cent upside movement in next 15-20 trade sessions."
Reason for IRCTC share price rally
Highlighting the reason for IRCTC share price rally Avinash Gorakshkar, Head of Research at Profitmart said, "Airline traffic in June 2021 has doubled that has fuelled speculation that train traffic will also rise to this tune, if not more than this. As IRCTC has monopoly business in online train ticket booking business and it works at around 60-65 0per cent margins, investors are buying the IRCTC stocks that helped the Indian railways' PSU to scale new peak today."
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