IRCTC shares cross Rs 1,000 mark after two years, hit 52-week high; target price, resistance and more

IRCTC shares experienced a notable surge of 4.68%, reaching a high of Rs 1029.85 on Saturday. This significant increase was observed in comparison to the previous day’s closing price of Rs 983.75 on the Bombay Stock Exchange (BSE).

1. Trading Activity: On the reported day, a total of 3.03 lakh shares of IRCTC were traded on the Bombay Stock Exchange (BSE), with a turnover amounting to Rs 30.88 crore. This indicates substantial market activity and investor participation in the trading of IRCTC shares.
2. Market Capitalization Increase: The market capitalization of IRCTC witnessed a rise, reaching Rs 81,640 crore. Market capitalization reflects the total value of a company’s outstanding shares in the stock market, and an increase suggests positive momentum and growing investor confidence in the company.
3. Low Volatility: The one-year beta of IRCTC stock is reported to be 0.4. A beta below 1 indicates lower volatility compared to the overall market. In this case, a beta of 0.4 suggests that IRCTC shares have exhibited relatively low volatility, providing a signal to investors that the stock’s price movements are less sensitive to market fluctuations.

The shares of Indian Railway Catering and Tourism Corporation (IRCTC) have surged, crossing the Rs 1,000 mark for the first time in two years. Additionally, the stock has reached its 52-week high in early trade. The last time the railway sector achieved this milestone was in mid-October 2021 when the stock hit a high of Rs 1278.60 on October 19, closing above the Rs 1,000 mark in multiple sessions, including October 14, October 18, and October 19.

IRCTC shares have experienced a notable 47% surge in the last three months, reaching a high of Rs 1029.85 on Saturday, a significant increase from the previous close of Rs 983.75 on BSE. The stock opened higher at Rs 998.85, with a turnover of Rs 30.88 crore from 3.03 lakh shares traded. The market cap of IRCTC has risen to Rs 81,640 crore.

Analyzing the stock’s volatility, IRCTC has a one-year beta of 0.4, indicating low volatility. In terms of technical indicators, the relative strength index (RSI) for IRCTC is at 72.7, suggesting the stock is in the overbought territory. Additionally, the stock is trading higher than the 5-day, 10-day, 100-day, 150-day, and 200-day moving averages.

IRCTC’s stock has shown signs of breaking out of a consolidation phase that lasted over two years, with a rounding bottom formation breakout. Aditya Gaggar, Director of Progressive Shares, pointed out that the price action was confirmed with increased volumes, and the ADX reading of 41 indicates the presence of a strong uptrend. The pattern breakout suggests a target of Rs 1270.

Brokerage Way2Wealth has set a short-term target of Rs 1080 for IRCTC. The technical chart structure indicates strength in the medium to long term, with the potential for a fresh uptrend above 992/1120, aiming for levels around 1280. Support levels are identified at 913/830. The advice is to buy or accumulate IRCTC for medium to long-term gains based on these observations.

Abhijeet from Tips2Trades provided an analysis of the IRCTC stock, stating that it is bullish and extremely overbought. The next resistance is anticipated at Rs 1129 on the daily charts. He advised investors to consider booking profits at current levels, cautioning that a daily close below the support of Rs 968 could lead to a near-term target of Rs 869.

In the September 2023 quarter, IRCTC reported a 30.4% rise in net profit at Rs 294.7 crore compared to Rs 226 crore in the corresponding period last year. Revenue from operations increased by 23.5% to Rs 995.3 crore compared to Rs 805.8 crore in the year-ago period. The company’s EBITDA in the September quarter stood at Rs 366.5 crore, reflecting a growth of 20.2% compared to Rs 304.9 crore in the same period last year.

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