IRCTC share price: Following weakness in global equity markets, Indian Railway Catering and Tourism Corporation or IRCTC shares have dipped around 8 per cent in last one week whereas in year-to-date (YTD) time, it has shed around 15 per cent. According to stock market experts, this slide in the Indian Railways’ PSU stock is due to the panic selling in the market otherwise it has nothing to do with the Russia-Ukraine war. They said that if this geopolitical tension intensifies, in that case the company will emerge as a beneficiary as soaring crude oil prices may force some section of private transport users to look at public transports while going through road ways.
Stock market experts said that the stock has strong support at ₹640 whereas it has strong resistance at ₹930. So, . They advised positional investors to buy IRCTC shares at around ₹670 apiece levels for medium term target of ₹930 per share levels. However, for high risk traders, they said that one can maintain buy on dips strategy till ₹670 levels maintaining strict stop loss at ₹630 levels.
Advising short term investors to buy IRCTC at current levels; Sumeet Bagadia, Executive Director at Choice Broking said, “IRCTC shares have immediate support at ₹700 and it has made its intraday low of ₹708. So, one can expect some bounce back in the counter and high risk traders can buy this stock for short term target of ₹780 to ₹800 levels maintaining stop loss below ₹700 apiece levels.”
Advising positional investors to hold IRCTC shares for mid term; Ravi Singhal, Vice Chairman at GCL Securities said, “IRCTC shares are sliding only because of the negative sentiments in the secondary markets. There is nothing wrong with company’s financials and it has nothing to do with the ongoing Russia-Ukrain conflict. In fact, if this geopolitical tension further intensifies, in that case soaring crude oil prices may force some section of private transport users to look at public transport while going through roadways. As IRCTC is now in online ticket booking business in road transports too, so it’s going to benefit from this Russia-Ukraine crisis.”
Asked about his suggestion in regard to IRCTC shares; Ravi Singhal of GCL Securities said, “One should maintain buy on dips till it is above ₹670 for mid term target of ₹880 to ₹930 maintaining stop loss at ₹630. However, for those who want to buy this stock in one shot, they can wait for more correction and if it happens then they can buy around ₹670 for mid term target of ₹880 to ₹930 apiece levels.”
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
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