Technical Analysis of IRCTC Ltd

The

is currently in a sustained downtrend. After hitting a peak around ₹1,100+ in mid-2024 the price has been making lower highs and lower lows. It recently broke below a psychological support level and is currently hovering around the ₹629 mark. Support there is a visible support zone around ₹590 - ₹600. You can see the price recently bounced slightly from the ₹593 level indicated by the dotted line. If it breaks below ₹590 the fall could accelerate. Resistance the first major hurdle for a recovery is around ₹680 - ₹720. The stock needs to cross this area with high volume to signal a trend reversal. The ₹800 level remains a heavy supply zone where sellers have previously stepped in. Short-term View The stock has recently hit a low near ₹593 and is trying to form a base. By waiting for ₹638 you are looking for confirmation that the buyers are finally stronger than the sellers. Since the current EMA is around 622 a price move to ₹638 would put the stock comfortably above its immediate moving average turning the short-term sentiment from Negative to Neutral-Positive.