IRCTC Share Price Trends Upwards, Experts Predict Potential Bounce Back

IRCTC Share Price Trends Upwards, Experts Predict Potential Bounce Back

VoM News Desk | December 25, 2023 | 11:35 AM IST | Breaking News | Follow on Google News

IRCTC Share Price Trends Upwards, Experts Predict Potential Bounce Back

IRCTC Share Price Trends Upwards, Experts Predict Potential Bounce Back

Post-commencement of the financial year 2023-24, the Indian Railway Catering and Tourism Corporation (IRCTC) shares have showcased a consistent upward trend, making it a preferred choice for investors.

Starting at approximately ₹560 per share in March 2023, the IRCTC share price has continually enticed Indian stock market investors as an opportune stock to buy during market dips.

Last week marked a milestone as IRCTC share price soared to a 52-week high, touching ₹916.50 per share on the NSE during consecutive sessions on Monday and Tuesday.

However, profit booking ensued, and the price slightly receded to ₹858.80 per share by the end of the week.

Market experts predict that IRCTC’s current chart pattern indicates an upward trajectory and potential rebound from its support levels around ₹815 per share.

They emphasize the company’s positive Year-on-Year (YoY) revenue growth in internet ticket bookings, tourism, and Rail Neer sales.

Highlighting the addition of 11 Vande Bharat trains and 18 catering units, experts foresee a promising second half of the fiscal year for IRCTC.

Analysts advise existing IRCTC shareholders to accumulate more during the current dip and recommend fresh investors to adopt a ‘buy on dips’ strategy, setting stop losses at ₹815 per share.

Harinder Sahu, Founder at King Research Academy, emphasized IRCTC’s intentions to enhance services, including introducing new features and products, indicating potential revenue growth.

Moreover, Sahu underlined the company’s growth in various segments, such as a 9% YoY increase in internet ticketing revenue, a robust 63% YoY revenue growth in tourism, and a 4% YoY rise in Rail Neer revenue.

He also noted collaborations, like the ongoing partnership with Zomato, and highlighted operational expansions and developments within the Rail Neer production capacity.

Echoing the positive sentiment, Sumeet Bagadia, Executive Director at Choice Broking, projected a bullish trend for IRCTC share price based on chart patterns.

Bagadia suggested existing shareholders maintain holdings with a stop loss at ₹815 per share and consider buying more during the current dip for a near-term target of ₹950 per share.

For new investors, Bagadia recommended a ‘buy on dips’ strategy, advising entry around ₹845 to ₹850 per share, targeting ₹950 per share in the near term.

VoM News Desk

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