IRCTC shares cross Rs 1,000 mark after two years, hit 52-week high; target price, resistance and more

Shares of Indian Railway Catering and Tourism Corporation (IRCTC) crossed the Rs 1,000 mark for the first time in two years, also clocking their 52-week high in early trade today. The railway sector last crossed the Rs 1,000 mark in mid-October 2021. The stock hit a high of Rs 1278.60 on October 19 in the same year. It closed above Rs 1,000 mark in three sessions on October 14, October 18 and October 19.  

The stock has risen 47% in the last three months. IRCTC shares climbed 4.68% to a high of Rs 1029.85 on Saturday against the previous close of Rs 983.75 on BSE. The railway stock opened higher at Rs 998.85. Total 3.03 lakh shares of the firm changed hands amounting to a turnover of Rs 30.88 crore on BSE. Market cap of IRCTC rose to Rs 81,640 crore.   

IRCTC stock has a one-year beta of 0.4. This signals the stock has low volatility. 

In terms of technicals, the relative strength index (RSI) of IRCTC stands at 72.7, signaling it's trading in the overbought territory. The large cap stock is trading higher than the 5 day, 10 day, 100 day, 150 day and 200 day moving averages. 

The IRCTC stock fell to a 52-week low of Rs 557.15 on March 29, 2023. 

Aditya Gaggar, Director of Progressive Shares said, “Consolidation of over 2 years in the stock comes to an end with a rounding bottom formation breakout. Price action was confirmed with an upsurge in volumes while a reading of 41 in ADX indicates the presence of a strong uptrend. As per the pattern breakout, the target comes to Rs 1270.” 

Brokerage Way2Wealth has a short term target of Rs 1080 on the IRCTC stock.  

“Technically the chart structure on IRCTC is likely to remain strong in medium to long term and a move above 992/1120 could lead to fresh uptrend and it can test at 1280 levels. The support will be at 913/830 levels. Based on above-mentioned observations, Investors are advised to buy/accumulate IRCTC for medium term to long term gains,” said the brokerage.  

Abhijeet from Tips2trades said, “IRCTC stock price is  bullish and extremely overbought with next resistance at Rs 1129 on the Daily charts. Investors should book profits at current levels as a Daily close below support of Rs 968 could lead to a target of Rs 869 in the near term." 

IRCTC reported a 30.4% rise in net profit at Rs 294.7 crore in the September 2023 quarter compared to Rs 226 crore in the corresponding period last year. Revenue from operations climbed 23.5 per cent to Rs 995.3 crore compared to Rs 805.8 crore in the year-ago period. 

On the operating front, the company's earnings before interest, taxes, depreciation, and amortization (EBITDA) in the September quarter came in at Rs 366.5 crore, clocking a growth of 20.2 per cent, compared to Rs 304.9 crore in the same period last year. 

Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions. 

 

 

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