IRCTC share price hits all-time high! Stock market experts still bullish on Indian Railways' PSU stock

IRCTC share price will hit Rs 2,000 by Diwali 2020 as it is expected to get the benefit of the 150 private trains being announced in Budget 2020.

IRCTC shares may first hit Rs 1650 per stock levels in the short-term and then they are expected to hit Rs 2,000 in the next six months. Photo: PTI/Reuters

IRCTC share price has been rallying since its listing at BSE and NSE on 14th October 2019. The Indian Railways PSU shares have appreciated from Rs 625 per stock levels to Rs 1438 per stock levels. At the time when IRCTC stock price was facing strong resistance at Rs 1,000, the majority of the share market experts had predicted that the IRCTC shares would hit Rs 2,000 once it breaks and sustains above Rs 1,000 levels. Their prediction in regard to the IRCTC stock has come exact line on their predicted lines and it has hit its all-time high of Rs 1438. However, share market experts are still bullish on IRCTC shares and have recommended 'buy on dips' strategy till it sustains above Rs 1300 per stock levels.

Speaking on IRCTC share price outlook, Simi Bhaumik, a SEBI registered technical equity analyst said, "IRCTC share price is a promising stock and in short-term it can hit Rs 1600 to Rs 1650 levels. My suggestion to the stock market investors is to keep the stop loss of Rs 1300 which is working as strong support for the IRCTC shares." Bhaumik asked share market investors to buy on current levels and keep on adding more till it sustains above the pre-budget high of Rs 1335 levels.

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On IRCTC shares, Rohit Singre, Senior Technical Research Analyst at LKP Securities said, "IRCTC has given a good breakout and I would suggest stock market investors buy IRCTC shares once it corrects around 4-5 per cent as it has made its high of Rs 1438 and it has some resistance at Rs 1500-1550 levels. In my opinion, one should buy IRCTC shares at around Rs 1370 levels maintaining the stop loss of below Rs 1300 for the short-term target of Rs 1550 to Rs 1600." He said that IRCTC shares are one of the best available shares for those who believe in buy on dips strategy.

However, Simi Bhaumik said that IRCTC shares are showing strong upside movement and one should buy at current levels by investing near 50 per cent of one's investment money and keep on adding till it sustains above Rs 1335. She said that by coming Diwali, IRCTC shares would hit Rs 2,000 levels as the Indian Railways PSU company is bound to get the benefit of the 150 private trains being announced in the recent Budget 2020.

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