IRCTC share price has crashed around 50 per cent after making its life-time closing high of Rs 1994 per stock levels. According to the stock market experts, the stock market is at its nadir and this can be a golden opportunity for portfolio investors to start accumulating IRCTC shares from current levels till it sustains above Rs 1050 per stock levels. They are of the opinion that the IRCTC shares will soon hit Rs 1,400 once the market recovers from Coronavirus impact. Currently, the IRCTC share price is oscillating around Rs 1,108 (12:11 PM).
Speaking on the IRCTC share price investment strategy, Saurabh Jain, AVP — Research at SMC said, “IRCTC share price has strong support at Rs 1,050 per stock levels and investors should start accumulating IRCTC shares from current levels by investing 50 per cent of their surplus money at current levels and keep on adding more if it dips from current levels.”
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On how long one should keep on accumulating IRCTC shares, Jain said that investors should keep on adding till Rs 1,050 per stock level is reached. He said that Rs 1,300 to Rs 1,400 is the immediate target of the IRCTC share price.
On IRCTC share forecast, Simi Bhaumik, a SEBI registered technical equity analyst said, “When the Indian markets hit lower-circuit, it showed massive recovery but the IRCTC share price didn’t pick up momentum in that recovery rally. Even after that on Monday and today, the IRCTC is trading tepid and I believe it may further go down up to Rs 1,000 to Rs 1,050 per stock levels. I would suggest portfolio investors wait for the rally in the markets and once the market closes positive for two successive trade sessions, then they can buy the IRCTC shares for the long-term. It will regain its lost ground in the next six to nine months.”
However, Jain of SMC strictly advised stock market investors to maintain the stop loss at Rs 950 while taking buy position in the IRCTC shares.