IRCTC share drops 50% from 52-week high. Should You Buy This Debt-Free Stock?

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IRCTC share price: Indian Railway Catering and Tourism Corporation (IRCTC) shares corrected after hitting lifetime or 52-week highs 1279 levels in Oct 2021. Indian Railways PSU stock saw a sharp drop after the outbreak of the Russian-Ukrainian war about 15 weeks ago. IRCTC stock price today is 644 per share, nearly 50% below its 52-week high.

According to stock market experts, IRCTC stock price is currently trading in the range of 625 to 690. They said the stock could drop further by around 70 to 80 per share, if she breaks the current 625 per action level. They advised positional investors to maintain a buy-on-dip strategy when it comes to IRCTC stocks, as it is a quality stock with monopolistic activities and strong fundamentals.

Speaking on the outlook for IRCTC stock price, Tirthankar Das, Head of Technical Research at Ashika Group, said: “IRCTC stock price has been observed on a basic construction mode at a retracement down 61.8% to 640-650 from the rally from Nov 20 to Oct 21. One of the best performers in 2021 is now seeing price consolidation action in the 625-690 range. of a class B (moderately bullish) divergence, although it would be premature to label the current consolidation as an end of corrective decline, additional confirmation in the form of time and volume is required to recognize that this is from a raised bottom.

Expecting further weakness in the IRCTC share price, Ravi Singh, Vice President and Head of Research at Share India, said: “IRCTC shares look weak on the chart pattern and they could decline towards 600 levels or maybe below 600 levels. An investor should avoid taking a new position at current levels and wait a few more sessions. He said the company is a debt-free company with a virtual monopoly in the business of booking train tickets through the internet. Thus, one can add the long-term stock. once it comes out of base building mode.

Manoj Dalmia, Founder and Director of Proficient Equities Limited, said: “The IRCTC share price is currently trading below 200 DEMA (Daily Exponential Moving Average) and we expect this stock to continue to decline until at 550 to 535 levels.”

Disclaimer: The opinions and recommendations made above are those of individual analysts or brokerage firms, and not of Mint.

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