Sun Oct 13 04:50:00 UTC 2024: ## IRCTC Share Price Rises Despite Market Downturn
**Mumbai, October 11, 2023:** IRCTC shares closed the day at ₹889.1, up 0.69% from the previous day, defying the overall market downturn. The benchmark indices Nifty and Sensex closed down -0.14% and -0.28%, respectively.
The stock, however, traded within a narrow range, hitting a high of ₹894.5 and a low of ₹878 throughout the day. Technically, the stock is currently experiencing a strong downtrend despite today’s gains.
While the stock is trading above the 5-day SMA, it remains lower than the 10, 20, 50, 100, and 300-day SMA. The classic pivot level analysis suggests key resistance levels at ₹896.55, ₹903.9, and ₹913.15, while key support levels are situated at ₹879.95, ₹870.7, and ₹863.35.
Trading volume for the day was significantly lower, at -56.98% compared to the previous session. This lower volume might indicate a lack of strong buying interest.
From a fundamental perspective, IRCTC boasts a strong ROE of 38.93% and a P/E ratio of 59.51. Analysts forecast a median 1-year upside of 5.97% with a target price of ₹836.00. The company’s shareholding structure reveals 0.00% promoter holding, 9.60% MF holding, and 7.78% FII holding. Interestingly, FII holding has decreased from 8.08% in March to 7.78% in June.
While IRCTC performed well today, its peers displayed a mixed performance. Thomas Cook India and Easy Trip Planners saw declines, while Kaya and International Travel House experienced gains.
Overall, the IRCTC share price performance today suggests a potential for further volatility. Investors should closely monitor the stock’s technical indicators and fundamental factors to make informed decisions.
First Piper 