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IRCTC share price: The Indian Railway Catering and Tourism Corporation or IRCTC shares have moved northward after the news of BlackRock’s core ETF buying stake in the Indian Railway’s PSU. IRCTC share price today opened upside and went on to hit intraday high of ₹728.65 apiece, logging near 1.30 per cent rise from its previous close of ₹719.25 apiece on NSE.
As per the BSE block deals, BlackRock’s core ETF — Ishare Core MSCI Emerging Markets ETF has bought fresh stake in the Indian Railways’ PSU company. BlackRock’s core ETF has bought 278,794 IRCTC shares at a price of ₹706 per equity share. This means the ETF has invested ₹19,68,28,564 or ₹19.68 crore in the company.
According to stock market experts, BlackRock’s core ETF buying stake in ITCTC is working as short term trigger. However, in this trigger, they said that the Indian Railways’ PSU has given breakout at ₹710 apiece levels followed by higher top bottom formation. They said that the stock is facing minor hurdle at ₹740 levels. Once it sustains above this hurdle, it may soon go up to ₹800 and ₹8850 apiece levels.
IRCTC share price outlook
Speaking on the reason for rally in IRCTC shares, Ravi Singhal, CEO at GCL Securities said, “Current reason for rise in IRCTC shares can be attributed to BlackRock’s core ETF buying stake in the Indian Railways’ PSU company. Though, the stake buy is small but it has created a buzz about FIIs looking at the stock as it is available at a discounted price. The stock is facing minor hurdle at ₹740 apiece levels and it may give sharp upside movement once it closes above ₹740 apiece levels.”
Ravi Singhal of GCL Securities said that IRCTC share price has immediate support placed at ₹680 apiece levels and those who have this stock in their portfolio are advised to maintain trailing stop loss at ₹680 and hold the stock for further upside targets.
IRCTC share price target
Expecting bull trend in IRCTC shares, Anuj Gupta, Vice President — Research at IIFL Securities said, “IRCTC shares have given breakout at ₹710 and now it may soon go up to ₹800 and ₹850 apiece levels. Those who want to add this stock in their portfolio are advised to buy the stock at current levels maintaining strict stop loss at ₹640 apiece levels. One should maintain buy on dips strategy in the scrip till it is sustaining above ₹640 apiece levels.”
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
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(This story has not been checked by Kashmir Bulletin and is auto-generated from other sources)
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