IRCTC share price hit by Coronavirus fears; share market experts' unveil money-making strategy
IRCTC share price has been hit by Coronavirus fears and it has crashed nearly 25 per cent in the last five trading sessions.
IRCTC share price has been on the decline this week due to the Coronavirus impact on the global markets. Since Monday, IRCTC share price has nosedived from Rs 1,842.65 per stock levels to Rs 1,359.35 per share levels. According to the stock market experts, this decline in the IRCTC share price is mainly due to the COVID-19 virus spread in around 78 countries that includes India. They said that the Indian stock market has been nosediving after the detection of the Coronavirus infected patients in India and the way the number of patients is rising. The impact has been uch that even quality stocks on the Indian indices are getting hit. IRCTC is one such quality stock.
Elaborating upon the strategy in regard to the IRCTC share price keeping Coronavirus in mind, Simi Bhaumik, a SEBI registered technical share expert said, "IRCTC share price has been mainly hit by the Coronavirus fears in India and the way COVID-19 infected patients are increasing in India, even quality stocks are on the declining trend. However, this decline in quality shares like IRCTC can be a good opportunity to make money also. But, I would suggest share market investors take any position only when the Coronavirus impact starts giving some signs of subsiding."
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Asked about the major numbers in regard to the IRCTC shares, Bhaumik said that it has immediate support at Rs 1,350 and if this level gets breached, then it may go down up to Rs 1,000 per stock levels. She said that a stock market portfolio investor can take a buy position at that level provided Coronavirus is controlled.
Standing in sync with Simi Bhaumik's views on IRCTC share price, Prakash Pandey, MD & CEO at Plutus Advisors said, "I have been maintaining that IRCTC share price rally up to near Rs 2,000 was not giving any comfortable valuation and a profit-booking to the tune of 15-20 per cent was expected. But, the IRCTC share price falling below Rs 1,400 is mainly caused by the Coronavirus spread in 78 countries that include India too. The recent lower circuits in the IRCTC share price can be attributed to the Coronavirus patients being found in India." Pandey said that Coronavirus's impact on the global markets including India would remain in the next three months and during this period, one can witness the further decline in the IRCTC share price. Pandey advised share market investors to buy IRCTC shares at around Rs 1,150 once it sustains above Rs 1,000 levels. Pandey advised portfolio investors of the stock market to maintain the stop loss at Rs 1,050 and book profit at around Rs 1,650, which is expected to come by this Diwali.
However, Simi Bhaumik was of the opinion that IRCTC share price will showcase sharp rally once the Coronavirus impact goes down from the global markets and one can expect to see IRCTC share price to climb up to Rs 2,000 by Diwali 2020.
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