IRB IN­FRA­STRUC­TURE DE­VEL­OP­ERS

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CMP: ₹232

BSE Code: 532947

Can I buy IRB at the cur­rent lev­els?

- Jayesh Jain

BUY IRB IN­FRA­STRUC­TURE DE­VEL­OP­ERS ABOVE RS 240-241

IRB is cur­rently trad­ing at Rs 232. 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 had given a mul­ti­ple re­sis­tance break­out at Rs 234-235 lev­els with higher vol­umes. How­ever, the 14-pe­riod RSI was quot­ing in the over­bought zone, and hence, the stock wit­nessed correction af­ter al­most a week’s con­sol­i­da­tion as if for a pull­back. Cur­rently, the stock has fallen up to 50% re­trace­ment level of the prior up­ward rally. Hence, the stock can be en­tered in case it gives re­ver­sal from here or at Rs 224 level. In that case, one can en­ter the stock at Rs 240-241 lev­els.

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