IVRCL may rally to Rs 60-61, says Kunal Bothra

IVRCL Infra is expected to inch higher to Rs 60-61, one can keep a stop loss of Rs 48, says Kunal Bothra of LKP.

Bothra told CNBC-TV18, "On a technical basis IVRCL from infra space is an excellent chart, came out of a strong correction, managed to break that 200 DMA, correction again, bounced from 200 DMA again." He further added, "If one look at the technicals it’s a perfect chart for a technical analyst and bouncing off that 200 DMA from Rs 45 odd levels it’s now managing to break that Rs 50 convincingly. So my sense is that it would probably inch higher. My target for IVRCL Infra given the timeframe of probably 1 to 2 weeks is about Rs 60-61 keeping a stop loss of Rs 48 on it." "BF Utilities is an excellent chart on daily because it’s managed to cross the 200 DMA yet again, very strong volumes on Friday, good price closing. So if one look at the cumulative of all the technical indicators as well it's indicating that there is an upside probably of 5-7% from here from current levels from a very short-term perspective once again." "MCX India coming after a consolidation of close to 7-8 days and managing to break that Rs 1,050 level. I think one can definitely see a huge upside from current levels of Rs 1,060. I am looking at a price target of close to Rs 1,125 on MCX." Disclosure: No personal holdings in any of the stocks recommended, but at LKP we keep recommending these stocks to our clients.