Shares of Indian Railway Catering and Tourism Corporation (IRCTC) have gained 77% in a year. Of this, the railway stock delivered 45% returns in the last six months. The IRCTC stock is in a brief consolidation period, said analysts adding that the stock could surpass Rs 1,100 mark in the short term.
Vaishali Parekh - VP Technical Research at Prabhudas Lilladher said, "IRCTC is already in a trend with brief consolidation period and strong support level around Rs 970. A decisive break above the resistance at Rs 1050 is anticipated to trigger further upward momentum, with potential targets set at Rs 1100-1150."
In the last two weeks, the stock has risen 10% offering a relief rally in the short term. The stock is trading near its 52-week of Rs 1049.75 high touched on January 23, 2024. The stock hit an intraday high of Rs 1029.60 in the current session. Market cap of IRCTC climbed to Rs 81,628 crore.
IRCTC stock has a one-year beta of 0.8. This signals the stock has low volatility. A total of 0.79 lakh shares of the firm changed hands amounting to a turnover of Rs 8.04 crore on BSE.
Gaurav Bissa, VP, InCred Equities said, "Railway stocks have been quiet in the current rally with marked underperformance against their peers. IRCTC was seen trading in a consolidation manner and has recently witnessed a breakout with incremental volumes which can push it above Rs 1050 levels. RSI is currently trading around 68 levels once crosses 70 can give a much needed push to the prices. Immediate supports are seen at Rs 990 levels."
Abhijeet from Tips2trades said, "IRCTC stock price looks bearish but also overbought on the Daily charts with next resistance at Rs 1,047. Investors should keep booking profits as a Daily close below support of Rs 992 could lead to target of Rs 875 in the near term."
Aditya Gaggar Director of Progressive Shares said, "The stock has given a breakout from the Bullish Flag and Pole formation which was confirmed with a falling trendline breakout in RSI and an upsurge in Volume. Trend following indicators are supporting the price movement as MACD is on the verge of giving a positive crossover while a reading of 43 in ADX indicates the presence of a strong uptrend. As per the pattern, the target is Rs 1270. We have already initiated a positional call on the stock on 1st April at Rs 962 for the target of Rs 1034 (achieved) followed by Rs 1106."
Osho Krishan, Sr. Analyst- Technical and Derivatives Research at Angel One said, "IRCTC has been hovering in a cycle of higher highs – higher lows and is currently placed above all its EMAs, signaling bullish biases. The counter has a strong support near the Rs 950-940 odd zone, which is likely to cushion any short-term blip. While on the higher end of the spectrum, a decisive surge above Rs 1040 is likely to trigger a fresh round of rally toward Rs 1,100- Rs 1,120 in the comparable period. "
In terms of technicals, the relative strength index (RSI) of IRCTC stands at 65.7, signaling it's trading neither in the overbought nor in the oversold territory. IRCTC stock stands higher than the 5 day, 10 day, 100 day, 150 day and 200 day moving averages.