IRCTC DESCENDING TRIANGLE BREAKOUT - BULLISHNSE:IRCTC Is bullish above 850 as the descending triangle pattern has been broken after 3 months and now it can give an amazing up move after a successful retest. for more detail go through the text shared on chart.
ENTRY - On retest from 850
TARGET - 990, 1170, 1270
SL - 750
IRCTC trade ideas
BULLISH ON IRCTCThe stock is forming higher lows, with entry in the MSCI and strong stake buying by Morgan Stanley great movement is expected. Also with opening up in domestic travel, catering services upcoming results of the current quarter is expected to show a better growth. Stock is facing consolidation right now and upper band resistance of 933 which is the first target. Highly recommended with a stop loss of 780 for a first target of 933 simultaneously 1050 levels.
IRCTC TRADE SETUP FOR TOMORROWAs you can see in the chart, IRCTC has made the between 824-780.
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So stock has already filled the gap and then took a correction now it again in the upward momentum.
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So for tomorrow if stock goes above 825, you can buy this trade for the target of 838.
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What's your view on this comment below in the box.
IRCTC: Price Action AnalysisIRCTC has breached the trendline at 866 and 50 day EMA at 826. Critical is the Fibonacci level at 823, the breaking of which the stock should find a resistance at 803. Below which another support is at 777. Further downward movement and 723 should act as a strong support zone, which is also 100 day EMA.
On the positive side, target of 1056 if it breaks the resistance of 927 and 977.
Currently, I am negative on this given the upsurge in a new variant of Covid 19 and the effect this might have on the travel and tourism industry. The above levels given, should guide how one should plan his/her investment in this stock.
IRCTC - Short/Mid term positional buy trade NSE:IRCTC
1) On 1day time frame, it is successfully trading above 21DMA.
21DMA is placed at 864.14 level.
Major breakout level range is in 912-930 level.
Successful breakout of it will make it bullish again.
Please refer below chart : 1 day Time Frame.
One can buy from CMP with SL of 860 and target of 950-980.
For safe buy trade one can take long position once it give sustainable breakout of 930 level range or add some more qty in portfolio.
***********this is my personal view***************
Please consult your financial advisor before any type of investment.