IRCTC share price may hit Rs 2,000! In long-term, it's still a multi-bagger share to buy
IRCTC share price may hit Rs 2,000 by the end of 2020 if it sustains above Rs 1,000 per stock levels. Experts advise trailing stop loss of Rs 970 rather than booking profit above Rs 1,000 levels.
IRCTC share price: The Indian Railway Catering and Tourism Corporation (IRCTC) share price finally managed to break the psychological Rs 1,000 per stock levels in the intraday trade. The good news for the stock market investors is its close at Rs 1,007.35, which is above Rs 1,000 levels. According to the share market experts, the IRCTC shares are expected to hit Rs 1,100 in the short-term time-horizon while in the long-run, the Indian Railways PSU stock is still a multi-bagger stock that will hit Rs 2,000 per stock levels in one year.
Speaking on the IRCTC stocks Simi Bhaumik, a SEBI registered technical stock expert said, "The IRCTC is showing strong upside movement and if it sustains above the psychological Rs 1,000 per stock levels, then it may hit Rs 1,100 levels in short-term means in around one month." Bhaumik said that the IRCTC stock price has strong support at Rs 950. She said that those who buy IRCTC shares should maintain the strict stop loss at Rs 950 while those who have a shareholding in the IRCTC stocks, should use a trailing stop loss at Rs 950 if they want to maximise their returns.
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Elaborating upon the long-term perspective of the IRCTC shares Shrikant Chouhan, Senior VP — Equity Research at Kotak Securities said, "For those stock market investors who are looking for fresh buying in the IRCTC counter, I would suggest them to invest 25 per cent of their surplus amount in the IRCTC shares and keep on adding after every 5-10 per cent dip from onwards."
Chouhan said that in the next five years, the IRCTC share price will be at least double its price at the Indian indices, where it has been listed. Asked about the reason for such a cautious approach in the IRCTC shares, Chouhan said, "The conviction level in the counter is very high hence, it is bound to witness some profit-booking. But, at the same time, IRCTC's business is very strong. Hence. I am suggesting stock market investors invest in IRCTC counter in a calibrated manner."