- IRCTC shares fell 30 per cent from their all-time high in just 24 hours
- The stock hit an all-time high of Rs 6,393 on Tuesday
- IRCTC’s share is still 220 per cent higher in 2021 even after 30 per cent fall
F&O trading in IRCTC has been closed due to a sudden crash after a sharp rally. However, even after such a huge improvement, if we talk about this stock in 2021, then it is a plus of 220%. Aditya Agarwal, Senior Technical Analyst, Yes Securities, said the correction found support at Rs 4,350 on Wednesday. At a price above Rs 5,000, it may still witness a short covering rally, which is likely to push the stock back towards Rs 5,500-6,000. Conversely, if the stock is bearish, and breaks the support level of Rs 4,350, then it can move towards Rs 4,000-3,600.
According to Mehul Kothari, AVP Technical Research, Anand Rathi Shares and Stock Brokers, if the stock closes around Rs 4,700 on Wednesday, then it can go up. In short, the Rs 4,000 level will be very important for him.
Independent analyst Manish Shah is of the view that traders should have booked some profit in the stock for the time being. The rally started in April at IRCTC. What has happened this week is unprecedented. Its quantity has also increased. Which shows that the distribution of this stock is in some strong hands. Its current technical chart is giving short term reversal signals in the stock.
Manish Shah said that if the stock breaks the level of Rs 4570 then it can fall to Rs 3926-3900. There are signs of the recession continuing in the coming weeks. Bottom line investors in Teva should consider booking some profits, and waiting a bit to repurchase shares.
Note: The above information is for information only. Make sure to mention the name of your financial advisor before making any investment.