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We recommend a buy in GMR Infrastructure at current levels. The stock was in a steady up-trend since its listing in September 2006 and peaked at Rs 200 this July. Thereafter, the stock declined and began to move sideways in a broad range between Rs 140 and Rs 200 till early November. On November 8, the stock broke through the upper boundary of the sideways consolidation by gaining 5 per cent. We also see that the stock’s current short-term uptrend, which commenced fr om Rs 140 levels, is still in place. The momentum indicators in both the daily and weekly charts are featuring in the bullish region. The moving average convergence divergence indicator also indicates bullishness in the stock. Immediate support for the stock is at Rs 200 and the next is at Rs 180. Investors with short-term horizon can buy the stock with stop-loss at Rs 195. Our short-term forecast for the stock is bullish and we expect it to move up to Rs 240 levels.

Yoganand. D

BL Research Bureau

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