IRCTC share price retraces from 52-week high. Opportunity to buy?
IRCTC share price: After ushering in financial year 2023-24, Indian Railway Catering and Tourism Corporation (IRCTC) shares have been in continuous uptrend. IRCTC share price bottomed out at around ₹560 apiece levels at the end of March 2023 and since then it has remained an ideal buy on dips stock for Indian stock market investors. Last week, IRCTC share price touched 52-week high on two straight sessions on Monday and Tuesday.
However, after touching 52-week high of ₹916.50 per share on NSE during Tuesday deals last week, IRCTC share price witnessed profit booking on Wednesday and it ended at ₹858.80 per share levels on Friday last week. Stocks to Buy: Here's why Oil India and Syngine are looking attractive According to stock market experts, IRCTC share price is in uptrend on chart pattern and it may bounce back from its support levels, which is placed around ₹815 apiece levels. They said that company has witnessed rise in YoY revenue of internet ticket booking, tourism revenue and Rail Neer revenue.
The company has added 11 pair of Vande Bharat trains and 18 new static catering units. Market experts said that IRCTC is expected to give better numbers in second half of the current fiscal and advised IRCTC shareholders to accumulate more in current dip. They advised fresh investors to maintain 'buy on dips' maintaining stop loss at ₹815 per share levels.
Market Outlook: Here's why Indian stock market may stay healthy in CY24 On triggers that may help IRCTC share price to bounce back, Harinder Sahu, Founder at King Research Academy said, "IRCTC plans to continue improving and expects better performance in the second half of FY24. The percentage of tickets booked using UPI has increased to 38%. The company is considering
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