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IRCTC Breakout Performance Signals Growth On Track

04 December 20232 mins read by Angel One
Closing above key levels, backed by robust volumes, the company's stock signals a promising journey ahead with a target of Rs 900.
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Indian Railway Catering & Tourism Corp. Ltd. (IRCTC) has been a pivotal player in providing railway-related services, including catering and hospitality, internet ticketing, travel and tourism, and Rail Neer Plants business. Established in 1999, IRCTC holds the unique distinction of being a Mini Ratna (Category 1, Central Public Sector Enterprise), designated by the Indian government to exclusively offer online railway tickets, catering services, and packaged drinking water services at railway stations and trains in India.

Beyond its monopoly in these crucial segments, what’s truly catching attention is the recent performance of IRCTC Ltd.’s stock. After a period of consolidation within the price range of Rs 758 to Rs 635.55, the stock has embarked on an impressive journey characterized by a continuation price pattern. This pattern, coupled with support from short-term key moving averages and the 61.8 per cent Fibonacci retracement level from a prior rally, suggests potential growth on the horizon. 

The stock’s performance in the most recent trading session is particularly noteworthy. Closing near its daily high at Rs 720.85, with a peak at Rs 724, and backed by substantial trading volumes reaching nearly 4.528 million shares, the stock comfortably closed above the breakout trendline level of Rs 717, confirming the breakout. 

Further fuelling the optimism is the 14-day Relative Strength Index (RSI) standing in the bullish zone at 64, indicating favourable momentum. With an envisioned target of approximately Rs 900, signifying a potential gain of over 25% from the breakout point, IRCTC Ltd. is now drawing the interest of both swing traders and investors.

Amidst its flourishing performance in the current market landscape, IRCTC Ltd emerges as a compelling opportunity for those seeking growth potential within the railway sector. Investors are advised to maintain a vigilant eye on its performance as it sets the stage for a promising journey ahead. 

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.

 

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