Among top midcap gainers today, IRCTC's share price recovered on Tuesday, jumping 6 percent, after declining in the previous session. Technical analyst Mitessh Thakkar of earningwaves.com is of the view that IRCTC stock is a sell on a mild pullback in Rs 780 -785 range.
Indian Railway Catering and Tourism Corporation (IRCTC) shares rebounded on Tuesday after declining in the last two sessions following last week’s market crash. The IRCTC stock was up almost 6 percent today. On Monday, the IRCTC stock finished the session lower at Rs 775.55, down 5.82 percent.
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IRCTC stock has corrected 10.11 percent in the past five days, whereas if one invested in the shares of the public sector undertaking a year ago, the person would have received a 196.70 percent return.
However, technical analyst Mitessh Thakkar of earningwaves.com is of the view that IRCTC stock is a sell on a mild pullback in Rs 780 -785 range and sell with a stop at Rs 802 for targets of Rs 740.
IRCTC stock was split recently with equity shares of Rs 10 face value into five equity shares of Rs 2 each. The stock split is aimed at making the shares of the PSU affordable, boosting liquidity in the capital market, and widening the shareholder base.
Meanwhile, on Monday, redBus, India’s largest online bus ticketing platform, has announced its foray into rail ticketing with the launch of redRail, a rail ticket booking service in collaboration with IRCTC as its authorised partner.
At 11:28 am, the shares of IRCTC were trading 3.39 percent higher at Rs 801.85 apiece on the Bombay Stock Exchange (BSE) and were up 3.33 percent on the National Stock Exchange (NSE).
The stock was among the top gainers in the BSE Midcap pack.
The uptrend comes on a day when benchmark indices Sensex and Nifty50 started today’s session on a strong note amid gains across most global markets.
However, at the time of writing, the market gave up initial gains with Sensex tumbling 1,100 points from the day's high and the Nifty trade at just a little above the 17,000 mark.
(Edited by : Ajay Vaishnav)
First Published: IST