IRCTC share price today: Expert expects trend reversal if stock falls below this level

IRCTC share price today: IRCTC stock fell for the sixth straight day on Wednesday. IRCTC was trading at Rs 1875.35 on the NSE at around 12 pm. IRCTC stock was down by over Rs 28 or almost 1.6 per cent around this time. Technical Analyst Nilesh Jain, who is Assistant Vice President (AVP), Equity Research Technical and Derivatives at Centrum Broking is bullish on IRCTC share price despite the ongoing correction. Know what makes him excited about this stock! 

Jain estimates a strong support zone for IRCTC share around Rs 1850. He had earlier given this level and maintains this level as a strong support even now. If the stock goes down below this level, then there could be a trend reversal, he said. 

See Zee Business Live TV Streaming Below:

However, chances of going down below this level were less, he maintained. He expects a bounce back in IRCTC stock before this level is hit. He said that the current correction is a healthy correction and one must look at it as a good buying opportunity. There is a profit booking going on IRCTC stocks. 

IRCTC movement on Technical Charts 

He said that the stock started from levels at Rs 1400. It has seen a strong rally between Rs 1600 and Rs 2050 and there has been a one way move without any correction. The current correction is a healthy sign from a solid bull run. Some profit booking has already come and some more could follow. 

If Rs 1850 is breached the downside will open for another Rs 100, he said. 

IRCTC Share Price - strategy 

The AVP recommended a Wait and Watch strategy for investors planning to take a fresh long position in IRCTC stocks. This is a Buy on Dip counter from the long term perspective, he said. 

The outlook in this stock is positive and IRCTC stock is a “no brainer”, the technical analyst said.  

Jain has said that the correction is also because of the situation in the broader market. 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 had warned.         

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.