Irctc shares rebound today. Should you accumulate

30 Nov , 2021 By : Kanchan Joshi

In stock market crash last week, Indian Railway Catering and Tourism Corporation or IRCTC share price was one of the leading losers among the mid-cap stocks. However, post stock market peak made on 18th October 2021, IRCTC shares lost more than 30 per cent making an ideal buy on dips position for long-term investors. Positional investor got further boost as in early morning deals, IRCTC share price bounced back strongly logging 5 per cent intraday gain.

According to stock market experts, this rise in Indian Railways' PSU stock is because of the early morning market sentiments and hence one should not conclude with this bounce as IRCTC stocks bottoming out. One should wait for few more trade sessions to make any decision in this regard. However, they advised positional investors to buy IRCTC shares at current levels for immediate target of up to rs930 apiece.

Advising short-term investors to buy IRCTC shares at current levels; Sumeet Bagadia, Executive Director at Choice Broking said, "On chart pattern, there seems a trend reversal after this rise in morning trade session. Short term investors and traders can buy IRCTC shares at current levels keeping little deep stop loss at Rs750 with immediate target of Rs880 in focus."

Asking investors to take positional call in the counter; Ravi Singhal, Vice Chairman at GCL Securities said, "IRCTC share price has strong support at Rs760. So, this bounce in the counter was widely expected after sharp fall of more than 30 per cent in the counter post-stock market peak of 18th October 2021." He advised investors to buy IRCTC stocks for 2 to 3 months IRCTC share price target of Rs920 to Rs940.

Asked about whether IRCTC share price has bottomed out, Ravi Singhal of GCL Securities said, "In just one day rise, we can't assure that the stock has bottomed out. But, if this gain goes deeper and the stock closed in green territory for few more trade session, logging gain on weekly basis, then we can assume that the stock has bottomed out." He advised investors to maintain strict stop loss below Rs760 levels while taking any position in the counter.