IRCTC Weekly Analysis: Bearish Setup Ahead of Results

3 Nov

IRCTC’s stock is showing signs of weakness on the weekly timeframe, with a clear head-and-shoulders pattern that suggests potential downside risk. Currently trading around 831, IRCTC is facing resistance at the 847 level, which acts as a critical barrier for bulls. A close above this level on a weekly basis would be needed to invalidate the bearish outlook, potentially reversing the trend. However, if IRCTC fails to reclaim 847, we could see increased selling pressure in the coming sessions.

With earnings results due on November 4th, there is added uncertainty in the market. If the results disappoint, the stock could break further down, targeting the Fibonacci support levels around 806, 778, and potentially as low as 730. Each of these levels aligns with key Fibonacci retracements, offering possible points where buyers might step in.

For investors and traders, caution is advised as we head into the results. A sustained move below 847 could open up substantial downside risk. Bulls will need a strong catalyst from the earnings report to push the price back up and change the trend. Watch these levels closely, and manage your positions accordingly.