Buy IRB Infrastructure Developers on decline: Sameet Chavan

Sameet Chavan of Angel Broking told CNBC-TV18, "Two weeks back IRB Infrastructure Developers gave a breakout from a symmetrical triangle pattern around Rs 245-248. Since then it has been maintaining its upward momentum. In last two days the stock has consolidated in a range of Rs 265-258.""We believe that it is a good buy on decline. The stock has been maintaining its higher-top, higher-bottom formation on the daily charts, hence from current level the stock certainly good for a target of Rs 275 and stop loss can be kept at Rs 249," he said.At 13:22 hrs IRB Infrastructure Developers was quoting at Rs 260.50, up Rs 3, or 1.17 percent. It has touched an intraday high of Rs 262.70 and an intraday low of Rs 257.45.