IRCTC Stock Rallies; Rectangle Pattern Suggest Buying Opportunity

Indian Railways And Catering Tourism Corp stock has again rallied as much as 9 percent in trade today as Covid 19 vaccine optimism has given hopes to revival in travel amid Covid led disruption. The stock in today's trade hit a high of Rs. 1720 per share on both the NSE and BSE.

Volumes in the counter are also double than the average volume of the last 10 trading session.

The stock in 1-year has delivered returns to the tune of 94 percent as per the ET site.

Narnolia Financial Advisors gave a buy call on the counter at levels of around Rs. 1475 with a target of Rs. 1750 levels and stop loss of Rs. 1375. The rationale given for this buy recommendation has been the formation of a rectangle chart pattern when price is bound by parallel support and resistance levels. And this is the case where when demand and supply are in approximate balance for an extended time.

GoodReturns.in