IRCTC share price today: BUY on DIPS opportunity now as stock under consolidation, expert says; S-L at Rs 1950

Nilesh Jain said that the IRCTC shares saw some correction on Friday. It ended at Rs 1988.90 on NSE, falling by almost Rs 29 or 1.5 per cent. He says that one should put a stop-loss at Rs 1950. Source:Reuters

IRCTC share price today: Technical Analyst Nilesh Jain, who is Assistant Vice President (AVP), Equity Research Technical and Derivatives at Centrum Broking is bullish on IRCTC share price. This stock is now positioned to attain new highs on positional medium term basis. But investors must know this before they take any Buy or Sell position in this stock.

Jain said that the IRCTC shares saw some correction on Friday. It ended at Rs 1988.90 on NSE, falling by almost Rs 29 or 1.5 per cent. He says that one should put a stop-loss at Rs 1950.

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He said that this level is important. The stock markets are seeing corrections on account of Foreign Institutional Investors (FIIs) indulging in selling in the Indian equities. This is because of the rising bond yields in the US and Europe markets. This has triggered some sell off, he said.

There could be some more correction in this stock, but selling will not be limited to just IRCTC stock, he warned.

He however, said that there is a major support level at Rs 1870. The Buy on Dip strategy is still intact.

For existing investors, the trailing stop-loss is at Rs 1870.

For fresh investors, any dip from here is a buying opportunity as the medium term outlook for IRCTC stock is good and would bring handsome gains.

The lifetime high of Rs 2073 which IRCTC stock achieved on 9 March 2021 while 52-week low of this stock is Rs 774.65 which was hit on 26 March 2020.

IRCTC share price outlook

The company is into a monopoly business and has huge upside from the current levels, Jain said.

IRCTC share price has seen this breakout after a long time and is now moving in an unchartered territory. It had consolidated in the 1300-1400 range for a long time.

IRCTC Share Price – Top Indicators

The IRCTC stock is looking strong on the technical charts and has seen a breakout from the levels around Rs 2000, Jain said. He said that the short term targets in this stock is between Rs 2400 and Rs 2500 while the positional target of this stock is Rs 2700.

For those investors who want to take fresh positions in IRCTC, he said that a wait and watch strategy is recommended. He said that buy on dips is recommended in IRCTC stock.

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