IRCTC share price today: Is the stock seeing trend reversal after 7 straight corrections? Top tip by expert

IRCTC share price today: If you are an investor in IRCTC stock and worried about recent corrections or want to buy into it, this is what you must know. Technical Analyst Nilesh Jain, who is Assistant Vice President (AVP), Equity Research Technical and Derivatives at Centrum Broking has suggested a Buy in this stock. Know why Jain is bullish on this stock.  

After the seventh consecutive fall on Friday, the IRCTC stock started trading in the green territory. Jain said that the stock has seen a trend reversal and the upside is now open for another 500 points.  

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The IRCTC share price ended the day at Rs 1857.05 on NSE after falling to Rs 1750 when the markets opened today. The stock gained by over Rs 90 or over 5 per cent from the previous closing price on Thursday.  

This is a good opportunity for taking fresh long positions on the IRCTC stock, Jain said. For investors holding the stock, there is no change in the strategy, and he said that they should continue holding it with a long term perspective. 

Jain said that the correction in IRCTC stock has been because of the broader market sentiments and there is nothing negative about this stock at the moment. He said that there was a selling pressure in the markets because of high US bond yields and also fresh wave of Coronavirus Pandemic in the country. 

The bond yields are at a 14-15 month high, triggering stock markets fall, Jain said. 

He said that the IRCTC stock has seen corrections, that should be actually considered healthy. There has also been profit booking in this stock after a strong rally.      

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.  

The slipping of IRCTC share price was earlier estimated by Jain. He had said that if Rs 1850 is breached on the downside it will open up for another Rs 100.  

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

IRCTC achieved its lifetime high of Rs 2073 on 9 March 2021 while 52-week low is Rs 774.65, which it hit on 26 March 2020.