Investors with a short-term perspective can buy the stock of IRB Infrastructure Developers at current levels. On Monday, the stock gained 5.6 per cent accompanied by above average volume conclusive breaking above the key resistance at ₹110.
Further, the stock has also surpassed the 21- and 50-day moving averages and trades well above them.
Following a sharp fall in the month of March this year, the stock found support at around ₹101 in mid-April and started to trend upwards gradually. Since then, the stock has been in a near-term uptrend. The daily relative strength index has entered the bullish zone from the neutral region and the weekly RSI trends upward in the neutral region. Moreover, the daily price rate of change indicator has entered the positive terrain implying buying interest.
The short-term outlook is bullish for the stock. It can continue to trend upwards and reach the price targets of ₹117 and ₹119 in the coming trading sessions. Traders can buy the stock with a stop-loss at ₹109.5.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)