Indian Railway Catering & Tourism Corporation Ltd

NSE :IRCTC   BSE :542830  Sector : Railways

About Company: Indian Railway Catering and Tourism Corporation (IRCTC) is a Mini Ratna (Category-I) Central Public Sector Enterprise under Ministry of Railways, Government of India. IRCTC was incorporated on 27 th September, 1999 as an extended arm of the Indian Railways to upgrade, professionalize and manage the catering and hospitality services at stations, on trains and other locations and to promote domestic and international tourism through development of budget hotels, special tour packages, information & commercial publicity and global reservation systems.

News in IRCTC: IRCTC shares had hit a record high of ₹6,393, gaining over 7% with its market capitalization crossing ₹1 trillion in early deals. The broader markets were also extremely volatile today.  today railway stocks were seen in pressure at day’s close after the outcome of news of appointment of regulator for railways. IRCTC was down 15%.

Daily Chart Of IRCTC:

Technical Outlook of IRCTC:

On 19th Oct 2021, Stock of IRCTC corrected 15% during intraday trading session, touched intraday low of 4996.05 and closed by losing 7.19% at 5454.85 on NSE. Stock in the early trade stock was up by 5.40% touching all time high at 6396.30. High volatility was seen in the stock.

If we look at daily chart it can be observed that stock has minor support at 4990-5000 level and till stock holds the levels of 5000 we suggest to stay long in the stock. As stock will split in 1:5 on 28th Oct 2021 before which we expect another leg of rally in the stock if overall market support. In short buy stock in pieces till 5000 with stop loss below 4900 for targets of 6500+ in the next few trading sessions.