IRCTC – Stellar Debut -The Next Station Please?Last Price@718.50 - 15th Oct 2019
IRCTC which is a very common name across India because of their strong brand placement offering online bookings for Indian Railways got a stellar opening on the domestic exchanges yesterday.
Similar to an experience of products like Colgate, Amul, etc– I still remember childhood days when we used to ask shopkeepers, not toothpaste- “Colgate Dena please” & “Amul butter hai kya”. You being a tech-savvy & use the internet for everyday use, you are most likely to refer IRCTC for rail ticket bookings.
IRCTC also provides catering services and packaged drinking water in railway stations and trains apart from selling rail tickets online.
Given, a stellar opening for the stock on domestic exchanges, Investors would be interested to know the next stop for IRCTC.
Technical Outlook
Technically, stock post listing made Intraday high of 746 & doing sideways between 700-750 zone. Holding 700 or slightly below on downside, the stock is expected to travel to new highs above 750. We look to book profits in 825-850 zone & above 850, upside extension could be 950-1000 levels.
Don’t ignore the downside of the stock which is 700 – dropping below key level & failing to bounce above the level of 700, can push stock lower to 650 & more on downside.
Have a safe & happy journey!!!
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