I have bought shares of IRB Infra at Rs 220. Should I hold or exit with minor losses?
- Amit Dangwal
EXIT IRB INFRASTRUCTURE DEVELOPERS BELOW RS 209
IRB Infra is currently trading at Rs 220. Its 52-week high/low stand at Rs 272.40/Rs 177.50 made on May 3, 2017 and November 23, 2016, respectively. Considering the daily time frame, the stock has witnessed lower tops and lower bottoms after hitting 52-week high levels. Currently, the stock is trading in consolidation after recovering from a sharp fall up to Rs 195 level. Poor volumes and 14-period RSI at 49 suggest lack of momentum in the stock. The stock may gain some momentum after Rs 221 and trend reversal only above Rs 230 level. However, if it tumbles below Rs 209, it can hit Rs 195 and below that. Hence, we suggest you to hold and exit if the stock falls below Rs 209.