IRB INFRASTRUCTURE DEVELOPERS
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.