IRCTC, Positional Idea IRCTC if closes above 955 on daily basis can reach for 1054 as next target. This is based on Fibonacci numbers.
IRCTC trade ideas
IRCTC, Ideas for profit (Monday 16-Dec 2019)IRCTC has given breakout from descending triangle (yellow line) and has some resistance at 903 level (blue line).
IRCTC always work well with BO of descending triangle. Should be in watchlist for 16th Dec
IRCTC, ready for breakoutIRCTC has followed same pattern previously where is sloped down on trend line and then gave healthy breakout. Should be on watchlist for 26-Nov-2019.
IRCTC poised for wave 5 on 2-hr scaleIRCTC is poised for its first wave-5 cycle on short to medium term. Since the IPO was done and shared listed only recently, it's tracing a 5-wave on 2-hr chart. The craze for the shares and skyrocketing of prices well defined the characteristics of Wave 3, that got completed some days ago. Its' since been dragging sideways on Wave 4. While I am not predicting whether Wave 5 will start immediately, it's not far either and it's only a matter of days before it embarks on Wave 5.
However beware that wave 5 will be a short trip upward and it's better to sell off in the region of Rs.980-1000, when and if, it gets there. The current price is around Rs.879...Set a stop loss of Rs.860 or if you are aggressive at around Rs.850.
This is a medium term play and not long term play. If you are a longer term player, wait and watch until all five ways complete and next reset happens.
IRCTC Long at Rs.880 Breakout or Resistance at Rs. 916IRCTC Oscillating within a Range.
Long at Rs.880 at Support Level.
Higher Breakout could be at Rs.916 where it would again Face Resistance.
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!!!
