IRCTC stock price forecast
After an hour of the Tuesday stock market opening, the share price of Indian Railway Catering and Tourism Corporation (IRCTC) experienced a strong increase. IRCTC shares experienced strong buying interest at approximately $680 per share after gapping down in early morning trades. The company quickly reached an intraday high of $707.40 per share on NSE, logging an intraday gain of about 4% on Tuesday.
IRCTC stock price forecast
Avinash Gorakshkar, Head of Research at Profitmart Securities, explained the reason for the sudden increase in IRCTC shares: “Last week, IRCTC told Indian markets that it will levy a nil convenience fee if AIT tickets are booked from its app or website. The market bulls are pleased with this and anticipate a rise in the purchase of airline tickets as a result of this statement.
Price target for IRCTC shares
IRCTC shares are looking sideways to positive on the chart pattern, according to Sumeet Bagadia, Executive Director at Choice Broking, who advised shareholders to continue holding the stock. Once it overcomes its present barrier, which is set at around $725, the stock might become quite positive. If this obstacle is overcome, we might see IRCTC shares at around 750 per share in the near future. Sumeet Bagadis suggested a strict stop loss around 675 apex levels while maintaining the stock with a target price of 750 per share nonetheless.
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IRTC news
Following a recent exchange filing by the PSU of Indian Railways, which reported Indian exchanges about its offer for flying travelers, there has been an increase in buying activity in IRCTC shares. According to IRCTC’s most recent offer to travelers by air, no convenience fee is required to book an air ticket using the IRCTC app or website.
