IRCTC share price may hit Rs 2,000! Expert reveals strategy to profit from this multibagger stock
IRCTC share price is expected to hit Rs 2,000 in around one year's time, but before that, it awaits correction to the tune of near 10 per cent, say experts.
IRCTC share price has made a high of Rs 932.90 after its listing on 14th October, 2019. The Indian Railways vendor gave almost 100 per cent returns on its listing date itself as the IRCTC IPO was offered at the rate of Rs 340 per share. Ever since the listing of IRCTC shares on Indian indices, it has been showing an upside swing and in this period of around two months, it has made a high of Rs 932.90 per stock levels and a low of Rs 700.65. According to the stock market experts, profit-booking of around 10 per cent is long-awaited and once the IRCTC stock reaches around Rs 800 it becomes a good buy for the long-term.
Elaborating upon the IRCTC share price outlook in next five years, 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."
Speaking on the IRCTC share price outlook, Simi Bhanumik, a SEBI registered technical equity analyst said, "The IRCTC share price chart shows that the counter is highly bullish. It is expected to correct around 60-70 rupees from current levels and hence I recommend a share market investor to buy IRCTC shares at around Rs 800 to Rs 825 and hold it for a longer period. In one year's time, the IRCTC shares may hit Rs 2,000 levels giving more than 100 per cent returns to the IRCTC share buyers."