IRCTC share price has surged around 6 per cent in the last two trade sessions. The Indian Railways PSU share had a closing of Rs 1,323 on Monday while today it is trading at Rs 1,403 per share mark. According to stock market experts, IRCTC shares have made a volume breakout and once it sustains above Rs 1,430 per stock levels, it may go up to Rs 1,580 mark in fifteen days.
Speaking on the IRCTC share price Sumeet Bagadia, Executive Director at Choice Broking said, “IRCTC share price has recently made a volume breakout and is poised for an upside swing. It has an immediate hurdle at Rs 1,425 to Rs 1,430 mark. Once the IRCTC shares sustain above this level, it will soon hit Rs 1,500 per share to Rs 1,580 per stock mark in one week to 15 days.”
On the reason for being bullish on IRCTC stocks, Bagadia said that the economy is getting unlocked and the Indian Railways is also slowly but steadily coming back. Since, IRCTC business is directly related to the Indian Railways, these positive developments in the economy and at Indian Railways augurs well for the stock.
See Zee Business Live TV streaming below:
Highlighting upon the technical perspective of the IRCTC share price, Rohit Singre, Senior Technical Research Analyst at LKP Securities said, “The IRCTC share chart reflects a breakout that means the stock is overall bullish. The immediate target for the IRCTC shars visible on charts is Rs 1,440 and once it breaks this levels it will soon hit Rs 1,500 per share mark.” Singre said that IRCTC stock price has strong support at Rs 1,340 and Rs 1,300 levels. Once should maintain stop loss below Rs 1,340 while taking any position in the IRCTC counter.