Hold IRB Infrastructure: Ashu Madan

Ashu Madan, Religare Securities is of the view that IRB Infrastructure Developers one can hold IRB Infrastructure Developers.

Madan told CNBC-TV18, “I think IRB Infrastructure Developers though on one hand we say it is a high beta stock but at the same time it goes into a long consolidation or dull phase. Every time it crosses Rs 130 there are recommendations that probably it is in for an up move. That is why most of the people get trapped at Rs 130 above. Suddenly there comes a negative surprise but the positive side of it is it does not convincingly go below Rs 120; Rs 125-130 is a band. Unless it crossed that band then I should be optimistic about this stock but otherwise I don’t see a great downside but at the same time it could be a prolonged phase of holding. If somebody can hold, my advice would be continue to hold and hopeful that if it crosses Rs 125-130 band.”