IRCTC roars, share price soars! Alert! 'Book profit, re-enter at Rs 1600 level', say stock market experts
IRCTC share price hit its all-time high of Rs 1976 and it can hit Rs 2,350 per stock levels, say stock market experts.
IRCTC share price today hit its all-time high of Rs 1,976 per stock levels, which is more than 200 per cent higher than its listing price, which was on 14th October 2019. According to stock market experts, this rise in the IRCTC shares rally is mainly due to the strong quarterly results announced by the Indian Railways' linked PSU company. However, there is a fall likely in the share price and experts advised stock market investors to book-profit and re-enter when it reaches around Rs 1600 per stock levels.
Speaking on the reason for the rise in IRCTC share price rally, Prakash Pandey, MD & CEO at Plutus Advisors said, "IRCTC share price has been rallying ever since its strong quarterly results were announced. Since it has got third private train Indore Varanasi Kashi Mahakal Express to run between Varanasi to Ujjain. It's order book and expected revenue is poised to further go upward and hence the IRCTC stocks are further rising."
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On what should be the ideal approach of those stock market investors who have long holdings in IRCTC shares, Rohit Singre, Senior Technical Research Analyst at LKP Securities said, "Those IRCTC shareholders who have long holdings from Rs 500 and Rs 1,000 levels should book profit immediately and once the counter reaches around Rs 1600 per stock levels, then should re-enter again for long-term time horizon." He said that the IRCTC is expected to witness huge profit-booking as the majority of the IRCTC shareholders would be booking profit at these levels.
Advising future strategy for the IRCTC investors, Pandey said, "One can re-enter in the IRCTC stocks when it reaches at Rs 1,750 and keep on adding on every 4-5 per cent dip as it won't go below Rs 1,550 per stock levels from now in next three months."
On what should be the next target for the IRCTC stocks Pandey said that once it breaks Rs 2,000 sustains above that level, then it would soon touch Rs 2,350 in mid-term means three to six months.
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