IRCTC share price retraces after technical breakout. Good opportunity to buy?

livemint.com:

IRCTC share price: Shares of Indian Railway Catering and Tourism Corporation or IRCTC today gave fresh technical breakout at ₹720 apiece levels while climbing to intraday high of ₹728.95 per share on NSE. However, profit booking soon triggered and IRCTC shares retraced from today's high and touched intraday low of ₹709.05 apiece in mid session during Tuesday deals. According to stock market experts, IRCTC share price is in uptrend and it has formed strong base at ₹700 apiece levels.

They said that fundamentally, IRCTC shares are looking promising for a long term investor as it has almost monopoly in internet ticket booking business. Apart from this, this is a PSU company, which is foraying in hospitality, online catering and other businesses. Stock market experts went on to add that IRCTC is expected to launch a good number of new trains in next four to five years and this would benefit current shareholders of the company in long run.

They advised investors to maintain buy on dips in IRCTC shares and advised current shareholders to maintain stop loss below ₹700 levels. On fundamentals that are fueling IRCTC share price these days, Sandep Pandey, Founder & Director at Basav Capital said, "IRCTC is the only stock in railway sector that didn't moved much in recent rally. In fact, it is not participating the way other PSU stocks have participated in recent bull trends.

However, the stock is one of those quality stocks that one can have in one's portfolio. As Covid pandemic is almost a passe now, the company is fast catching its internet railway ticket booking business. During Covid restrictions, IRCTC forayed in other segments like online air ticket and bus ticket booking, hotels and other hospitality business like online