Shares of the government-owned firm fell on Wednesday after restrictions on futures and options were imposed. While the stock was off the list today, some analysts believe that smaller traders are still trying to take it down so that it can exit the game.
Market wide position limit does not include any stock crossing 95% from NSE F&O. It does not allow F&O trading unless the position in the contract is less than 80%. According to NSE, F&O has been banned in IRCTC as the position limit in the market is more than 95 per cent.
The range of 4,000-3,700 is crucial for this stock. Some analysts believe there is some stability in this range. According to Santosh Meena, Head of Research, Swastika Investmart, the stock is looking bullish in the long run and at present every fall in it can be considered for investment.
Rahul Sharma, Co-Founder, Equity99, believes that the stock is currently in a correction mode and can go up to Rs 5,500 level in the medium term. The company has no debt and has a monopoly in its own business, which is its strongest aspect. IRCTC, which was listed in October 2019, has jumped 1900 per cent in just two years. At the time of IPO, the stock was trading at just Rs 59. 320 was offered. When listed, its price was Rs 644.