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IRCTC gains 6%; technical analysts see room for more gains in stock

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Shares of Indian Railway Catering and Tourism Corporation (IRCTC) gained as much as 6 percent on Monday. Today's upmove in the stock comes amid a flurry of news. Some technical analysts believe the stock has the potential to rally further.

IRCTC gains 6%; technical analysts see room for more gains in stock
Shares of Indian Railway Catering and Tourism Corporation (IRCTC) gained as much as 6 percent on Monday. At 11:58 am, shares of IRCTC were trading 5.5 higher at Rs 911.75 on the BSE.
The stock has been gaining for the last two days and has risen nearly 8 percent during the period. IRCTC is trading higher than 5, 20, 50, 100 and 200-day moving averages.
Sneha Seth, a derivatives analyst at Angel Broking, says one could enter the stock with a stop loss at Rs 870.
She sees Rs 960 as the first resistance level and Rs 985 as the second one, and believes if the second level is breached then the stock is capable of hitting its current 52-week high level of  Rs 1,278.60.
Kkunal Parar, Vice-President of Research at Choice Broking, said that the stock has given a breakout at Rs 918 and is now expected to exceed Rs 955 which means there is scope for upside in the stock.
If the scrip surpasses the Rs 955-level, another 50 point rise is likely, he said.
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Today's upmove in the stock comes amid a flurry of news.
The board of directors of IRCTC has approved the appointment of Vinay Kumar Sharma as Additional Director (Non-official independent Director) with effect from November 9, 2021.
Sharma has been the Regional Head Credit at IndusInd Bank (2002-2008) and Regional Relationship Manager -Head Project Accounts at ICICI Bank Ltd (2008-2012).
Separately, a report said that the Tourism Ministry has signed a memorandum of understanding with IRCTC on November 10. The Ministry of Tourism has already signed similar agreements with Easy My Trip, Cleartrip, Yatra.com, Make My Trip and Goibibo.
Another report said IRCTC will promote vegetarian-friendly travel by getting some trains "sattvik certified", particularly those running on routes connecting religious sites.
 
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