IRCTC share price today: Stock sees correction on Monday BUT no need to worry, says this expert; remains BULLISH

IRCTC share price today: Investors of IRCTC stocks should not worry about the Monday correction as the trend is bullish, Assistant Vice President (AVP), Equity Research Technical and Derivatives at Centrum Broking said. The IRCTC stock today ended down almost 1 per cent or Rs 18 from the previous close on Friday. The stocks ended at Rs 1837.

Jain said that the stock has already seen a trend reversal after falling consecutively on seven occasions. On technical charts, the stock looks on a bullish trend, he said. The IRCTC stock will not see any trend reversal in the negative direction until it breaches the levels of 1700, the analyst further said.

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 The IRCTC stocks are well placed to go up to levels between Rs 2000 and Rs 2100. 

His advice to the investors is to remain optimistic about this stock. The stock is positive and the investors should continue to hold a long position on this SUPER STOCK.

Trend Reversal  

After the seventh consecutive fall the IRCTC stock started trading in the green territory on Friday. Jain said that the stock has seen a trend reversal and the upside is now open for another 500 points.  
 
On Friday, the IRCTC stocks ended the day at Rs 1857.05 on NSE after falling to Rs 1750 when the markets opened on that day.   

Any fall should act as a good buying opportunity, the AVP said. This is a good opportunity for taking fresh long positions on the IRCTC stocks, Jain said. For investors holding the stock, there is no change in the strategy, and he said that they should continue holding this stock with a long term perspective.  

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

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

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.