Hold IRB Infrastructure Developers: LKP

Hold IRB Infrastructure Developers, says Kunal Bothra, Sr Technical Analyst, LKP.

Bothra told CNBC-TV18, "IRB Infrastructure Developers was hovering around Rs 181-185 mark but it has managed to take that very rally to that 200 DMA. It is looking good probably not as a shorting indicator but I think if it manages to sustain above Rs 183-184 levels in the near term we might re-test Rs 220 levels once again because the indicators are very strong."
He further added, "Volumes have picked up probably in the rally which we have seen Rs 185 to Rs 220 so there is a bit amount of buying in that stock, which looks very good on chart. I would not go short at this point of time probably hold on to the long positions." Disclosure: I do not have any personal holdings in the above stock but we keep recommending to our clients.