Short IRB Infra below Rs 120: Kulkarni

Shardul Kulkarni, Sr.Technical Analyst, Angel Broking is of the view that one can short IRB Infra below Rs 120.

Kulkarni told CNBC-TV18, "IRB Infra, unfortunately there is a strong fall which has taken place early from Rs 200 the stock fell to Rs 110. After that, it has just moved sideways. It has not done much. Yes, the last two trading sessions you are seeing that the stock was down yesterday as well as it is down today on the fundamental news. We are seeing that there is a possibility of a breakdown. The only thing is I would just wait for confirmation. Selling is recommended only and only below Rs 120. Do not sell before Rs 120. If the stock falls below Rs 120, yes you can go ahead and short. Rs 124 would be the stop loss and on the lower side, I would expect stock to move to around Rs 110 perhaps even lower levels." Disclosures: It is possible that we have positions in the stocks discussed and we have recommended them to our clients.