IRCTC stocks increased 1.89% on Friday, reaching a high of Rs 958 from the previous closing on the BSE of Rs 940.20. At Rs 948.95, the railway shares opened higher.
In early trading today, shares of Indian Railway Catering and Tourism Corporation (IRCTC) reached a new high. The last two months have seen a surge in the railway stock, which has increased 42% during that time. IRCTC’s stock increased 1.89% on Friday, reaching a high of Rs 958 from the previous closing on the BSE of Rs 940.20. At Rs 948.95, the railway shares opened higher. A total of 1.96 lakh of the company’s shares were traded on the BSE, generating a turnover of Rs 18.69 crore. IRCTC’s market value increased to Rs 76,124 crore. The one-year beta of IRCTC stock is 0.3. This indicates that the stock has a low volatility.
In terms of technicals, IRCTC’s relative strength index (RSI) is 76.2, indicating that it is trading in overbought zone. The large-cap stock is trading above its five-day, ten-day, hundred-day, 150-day, and 200-day moving averages. On March 29, 2023, the IRCTC stock reached a 52-week low of Rs 557.15.
IRCTC stocks
“The stock has seen a decent rally in the last two months,” said Shiju Koothupalakkal, Technical Research Analyst at Prabhudas Lilladher. Recently, following a brief consolidation, the market has gained new momentum from Rs 890 levels to establish a new high of Rs 951 levels, with the overall trend remaining strong and further near-term targets of Rs 960 and Rs 1020 levels projected in the coming days. Near-term support would be maintained near Rs 910, and with indicators in place, we forecast a continued rise with significant upside potential.
“IRCTC is trading comfortably above its short-term (20 Day), medium-term (50 Day), and long-term (200 Day) Exponential Moving Averages (EMA),” stated Deven Mehata, Equity Research Analyst at Choice Broking. This suggests that the stock is holding onto its strong position and that the trend is probably going to continue soon. One significant element to note is the creation of a strong support level around Rs 875, which is also near to its 20 Day EMA a level.
It is less likely that the stock will drop below this price point because this suggests that there is strong purchasing interest at this moment. The bullish trend gains further power from this support level. A slight resistance level has been identified around the Rs 950 levels; if the stock is able to overcome this resistance, it may open the door for more gains. IRCTC has set a target of Rs 990 and higher if this resistance level is broken.
IRCTC stocks reached a record high.
According to Abhijeet from Tips2trades, the IRCTC stock price is bullish but highly overbought on daily charts, with the next resistance at Rs 959. Investors are advised to take profits at current levels, as a daily close below the support of Rs 907 may result in a near-term target of Rs 820. In the September 2023 quarter, IRCTC reported a 30.4% increase in net profit, reaching Rs 294.7 crore compared to Rs 226 crore in the same period last year. Revenue from operations also saw a rise of 23.5%, reaching Rs 995.3 crore compared to Rs 805.8 crore in the corresponding year-ago period.
On the operational front, the company’s earnings before interest, taxes, depreciation, and amortization (EBITDA) in the September quarter were Rs 366.5 crore, up 20.2 percent from Rs 304.9 crore in the same time last year.
