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IRCTC share price hits yet another high; achieves target second day in a row – What to do now? Here is the strategy!
Indian Railway Stocks – IRCTC shares – The shares of IRCTC today are on a roll hitting yet another high on Tuesday. The IRCTC stocks hit a 52-week high of Rs 3296.75 on the NSE on intraday basis. In the process, this stock also surpassed its target price Rs 3200 decisively on the second successive session
Indian Railway Stocks – IRCTC shares – The shares of IRCTC today are on a roll hitting yet another high on Tuesday. The IRCTC stocks hit a 52-week high of Rs 3296.75 on the NSE on intraday basis. In the process, this stock also surpassed its target price Rs 3200 decisively on the second successive session.
This stock was re-recommended by analyst Nilesh Jain on Monday. This stock has been on a strong rally primarily because of the unlocking and could also be because of the 22nd Annual General Meeting (AGM) that is scheduled on 29 September, Jain said.
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Among other important issues, the company will be considering sub-division of its equity shares of face value of Rs 10 into five equity shares with face value of Rs 2 each.
On Tuesday, the IRCTC stocks were up almost 9 per cent on the NSE and were trading at Rs 3274. They were up almost Rs 265 from the last closing price on the NSE.
He said that this stock has been in an unchartered territory and could see some profit booking going forward. Existing Investors must hold this stock for levels around Rs 3500, he further said.
They must also adhere to a stop loss of Rs 3000 from the current levels.
Jain said that fresh positions should not be made at current levels as the stock has gained significantly over the last 4 trading sessions, including today. The stock has picked up from levels of Rs 2742, it hit on 1 September.
This stock was recommended by him at a price of Rs 2564.90, earlier. From there, it has moved only upwards, barring only a few occasions when there have been minor corrections.
The intraday low for this stock was 3045.35
The right levels to make fresh moves in this stock is Rs 3000. Investors must wait for stock correction, he added. His advice is to not make a fresh move in this stock and the investors must wait for some correction from here to make fresh positions.
The 52-week low for this stock is 1,290.05 which the stock hit on 4 November 2020.
Over 9 million shares traded on the NSE on Tuesday with the traded value at over Rs 2837 cr.
In its filing to exchanges, IRCTC had informed about its 22nd Annual General Meeting (AGM) that is scheduled on 29 September. IRCTC or Indian Railway Catering and Tourism Corporation Ltd is a Government of India enterprise.
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