IVRCL has good support in Rs 59-55 range: Manghnani

IVRCL has good support in between Rs 59-55, says Anil Manghnani, Modern Shares & Stock Brokers.

Manghnani told CNBC-TV18, "Disappointing day for infrastructure yesterday. I think the way some of these stocks like Lanco broke through key support this week, Rs 17 and Rs 15, now it’s trading well below Rs 14. So I am little concerned about Lanco for now and probably avoid and wait for some clarity to emerge."
He further added, "GMR Infra is correcting, but it’s coming close to good support level. So Rs 26 and Rs 24 - in that range I probably expect it to take support and start to bounce back. The interesting ones that buck the trend IVRCL, couple of days back, Punj Lloyd yesterday, those are the ones to look at for now."
"IVRCL has good support in between Rs 59-55. So I think every time it comes in that range, it becomes a buying opportunity. For Punj that range is Rs 51-48. It did do at Rs 51 couple of days back. Now it’s bouncing and immediate resistance around Rs 58."