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Investors with a medium-term perspective can buy the stock of IRB Infrastructure Developers at current levels. The stock had gained 5 per cent accompanied by above average volume, decisively breaching a key medium-term resistance at ₹170 on Friday. The significant long-term support at ₹100 had consistently provided base for the stock between September 2020 and April.
Subsequently, the stock resumed uptrend and broke-out of ₹125 in early June. Since April, the stock has been in a medium to intermediate-term uptrend. The stock had recently ended this correction by breaching the hurdle at ₹170. Moreover, the stock had also surpassed the 21- and 50-day moving averages. Further, the daily relative strength index has entered the bullish zone. So, it can continue to trend upwards and reach the price targets of ₹195 and ₹210. Traders can buy the stock with a stop-loss at ₹158.
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