Stock Tips: IRCTC had reached a record high a trading day ago, but after that it started declining due to profit-booking. Shares of Indian Railway Catering and Tourism Corporation (IRCTC) have lost over 46 per cent from record highs in just two days due to profit-booking. A trading day ago, IRCTC shares had reached a record price of Rs 6393 in intra-day. Due to the rise in stocks, it became the 10th PSU in the country on Tuesday with a market cap of more than 1 lakh crore (Rs 1 trillion).
Due to the fall of 46 percent in the share price in two days, there is a confusion in front of the investors whether to keep their investment in it or book the profit they are getting now? Apart from this, there is also a situation of confusion regarding fresh investment in it. Market experts have mixed opinions about this.
Jhunjhunwala Portfolio: Strong performance of these new stocks included in Jhunjhunwala’s portfolio, only two stocks gave a profit of 111 crores this month
This is the opinion of experts
- According to analysts, sharp correction is sometimes seen in the event of extreme overvaluation. According to Tips2Trade’s co-founder and trainer AR Ramachandran, technically IRCTC is getting support at Rs 4520 and if the stock closes by breaking this level then it can fall to Rs 4140. According to Ramachandran, the level of Rs 5000 is acting as a strong resistance for IRCTC.
Stock Tips: Golden chance of profit on investment in these four stocks including Coal India and HDFC Life, experts have set such a target price
- According to Milan Vaishnav, Founder and Consulting Technical Analyst, Gemstone Equity Research and Advisory Services, IRCTC can be invested in when the prices fall. However, he has advised to invest in this stock for at least two years or more. Vaishnav has also cautioned the traders about this stock that it is not trading according to the stock market technicals.
- According to Ravi Singh, Vice President (Research Head), Share India Securities, there may be a further fall in its price. According to Ravi Singh, it is getting support at the level of 4200 and 3800. On the upside, it may face resistance at Rs 4800 and Rs 5200 levels.
(Article: Surbhi Jain)
(The stock recommendations given in the story are those of the respective research analysts and brokerage firms. Financial Express Online takes no responsibility for the same. Investments in capital markets are subject to risks. Please consult your advisor before investing.)
Get Business News ,, latest India News ,, and other breaking news on share market, investment scheme and much more on Business Khabar. Like us on Facebook, Follow us on Twitter for latest financial news and share market updates.
.