IRB Infra may rally to Rs 129 in short term, says Chopra

Manav Chopra of Nirmal Bang Securities is of the view that, IRB Infrastructure Developers is expected to rally towards Rs 128-129 in the short term if the stock closes below rs 124.

He further added, "IRB Infrastructure Developers has bounced from its recent support and it has an immediate resistance at Rs 124. The stock has been a complete under performer but if it manages to close above Rs 124 one can expect a short-term rise to Rs 128-129. I don't recommend this stock for a medium-term long perspective but one can take a short-term long positional call." He further added, "Specifically about Apollo Tyres I maintain a negative bias on the stock. Since last four to five months this stock has been in a very big range, it has a low of Rs 78 to a high of Rs 95 and it has formed a bearish head and shoulder pattern which is quite - it is a bearish signal. It has an immediate support at Rs 82 on the downside and if it manages to close below that one may see the stock decline towards the level of Rs 78 and Rs 75. The volumes also, in the recent decline that we have seen in last couple of weeks has been quite supportive which indicates quite negative." Disclosure: We may have positions in the stocks we have discussed.