Since October month, ‘Irctc’, a big giant which was moving like a cheetah has become like a python. It is consolidating in the range of 800 to 950.
(Note: stock price adjusted to the price after split)
Irctc is a monopoly stock that is the only authorized entity to sell online railway tickets.
The same is true for catering services and packaged drinking services at all railway stations. These services provided by Irctc are running efficiently.
After giving around 500 percent returns in one year, the stock was looking very expensive and hence it corrected from 1280 to this consolidation level.
It has good support near 800 levels and resistance at 900 and 950 levels. For further upside target, it needs to break the 950 level with some other parameters turning positive. On 28 December 2021, It closed at 863.50.
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