India Railways Catering and Tourism Corporation has been the talk of the Dalal Street since its IPO. IRCTC is a public sector undertaking and a subsidiary of Indian Railways that deals in railway ticketing and providing catering services to passengers all over the country. Given its PSU status, it enjoys complete monopoly in the market and hence is profit-making. However, does that mean that its share prices are going to skyrocket always? In such an emergency when only limited trains are running across the country, its price levels are highly uncertain. Take a look at the analysis done by Finquity on IRCTC.
Daily Chart
The daily chart of IRCTC shows that the stock reversed its growth exactly from the retracement level of 61.8% (Fibonacci Level), and hence extending the same levels we can see that Rs 1190-1210 is its support zone. If the stock breaches the same then the stock may experience a price fall of Rs 200-300 points. However, if we see a reversal trend, then it, may give a buying opportunity between Rs 1350-1365.
The weekly and monthly charts cannot be studied as the company launched its IPO only recently.
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