IRCTC Share Price | Buy, Sell, Or Hold?

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Despite posting solid Q4 earnings in 2023, Indian Railway Catering and Tourism Corporation’s share price today was under selling pressure. Today’s opening gap to the negative lead to the IRCTC share price hitting an intraday low of $627.30 per share on the NSE, a decrease of about 3% from Monday’s closing of $645.75 per share.

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IRCTC Q4 results 2023 are in line with market expectations, thus stock market experts advise positioning investors to take advantage of this decrease in share price as a purchasing opportunity. So, shortly after the stock market opened today, profit booking in IRCTC shares was triggered. They claimed that the level of 605 per share provides solid support for the price of IRCTC stock. According to experts, ITCTC shares have resistance at 650 and once clearing this barrier, it may turn positive for the short to medium term and increase to levels of 727 per share.

IRCTC share prices are dropping due to the profit booking trigger in early morning deals, according to Chandan Taparia, a derivative and technical analyst at Motilal Oswal. IRCTC’s Q4 2023 earnings were in line with forecasts yesterday, and as a result, profit-taking in the stock began as soon as the market opened today. However, as the company is anticipated to rebound rapidly from its current lows, investors should view this dip in IRCTC shares as a buying opportunity.

According to Chandan Taparia, the IRCTC share price has a hurdle set around 650 per share levels, and once it overcomes this immediate resistance, set at 650 per share levels, it may turn very bullish. He recommended IRCTC stockholders hold onto their shares since they could experience a substantial rebound from current lows.

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The IRCTC share price target for 2023

Chandan Taparia of Motilal Oswal revealed a money-making technique for IRCTC shares, saying, “One can buy IRCTC shares at around 630 apiece levels for an immediate target of 650 and 670 maintaining.”

According to Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, who shared Chandan Taparia’s opinions, the IRCTC share price “bottomed out near the 560 zones and given a decent pullback towards 630 levels where the stock has been in consolidation and currently has given a strong positive candle to indicate a breakout above the rectangular box anticipating for a further upside move with improvement in the bias.

After a brief drop, the RSI has recovered its strength to signal a buy and has a significant upside potential to maintain the momentum moving forward. We advise purchasing and accumulating the stock with a stop loss of 605 and an upside target of 727.

Q4 results for IRCTC in 2023

IRCTC reported a net profit of 278.8 crore in the fourth quarter of FY23, up from 214 crore in the same quarter a year earlier. IRCTC reported double-digit year-over-year growth in all major metrics and recommended a 100% dividend for its shareholders. In Q4FY23, operating revenue increased by 39.7% to $965 crore from $691 crore in Q4 of the previous fiscal year.

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