IRCTC share price slide continues, falls 18%; expert says avoid buying on dips

Asia's Tech News Daily

#Buzzing Stocks, IRCTC

Indian Railway Catering & Tourism Corp (IRCTC) stock remained under selling pressure for the second day on October 20 in a sudden slump that has followed record highs.

IRCTC share price fell more than 18 percent intraday after closing 8.75 percent down in the previous session. The slide comes after the stock rose more than 40 percent during the month.

The share touched a 52-week high of Rs 6,393 on October 19, 2021 and a 52-week low of Rs 1,291.00 on November 4, 2020. It is trading 24.07 percent below its 52-week high and 276.01 percent above its 52-week low.

“Long Black Day (candle) is visible in this counter as it appears to have reversed its trend from the high of Rs 6,396 levels, which has erased a major part of the recent rally from the lows of Rs 4,725,” said Mazhar Mohammad of Chartviewindia.in.

The stock’s inability to sustain above Rs 4,996 can drag it to Rs 4,700 levels, which appears to be a critical support, and a close below the level can severely damage the counter with targets towards Rs 4,000 levels, he said.

“Therefore, considering the sharp reversal of the last session, it looks prudent to avoid buying the dip for time being, whereas any rally should be used to exit the current holding,” he said.

At 10.32 am, IRCTC was quoting at Rs 4,850.55, down Rs 512.45, or 9.56 percent on the BSE.

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