Stock Pick: IRB Infrastructure Developers Ltd share price having gained 169% in a year has given Multibagger returns to the investors.
Benefitting from the Infrastructure push
The IRB Infrastructure share price and other infrastructure companies have remained in spotlight during the past due to strong impetus provided by the government led Capex for the infrastructure development in the country. The focus of investors remains strong on infrastructure companies as IRB Infrastructure share price and other peers ahead of Budget as Budget announcements are likely to remain favorable for Infrastructure sector with government focus remaining on the sector
Remains momentum Pick of HDFC Securities
In the meanwhile IRB Infrastructure share price also remains among momentum picks of HDFC Securities. HDFC Securities has given target price of ₹78.40 for IRB Infrastructure share price with a stop loss at ₹68 . HDFC Securities has recommended buying share at a price of ₹70. Since the IRB Infrastructure share price is trading at close to ₹69, the target price by HDFC Securities indicate an upside of more than 13%.
Key technical reasons
1.After showing minor declines and sideways consolidation, the IRB Infrastructure share price has shifted into an upside bounce, said HDFC Securities. A recent up move could be considered as an upside breakout of the narrow range movement/immediate resistance.
2.The short-term trend seems to have turned positive for IRB Infrastructure share price as per HDFC Securities. “We observe a formation of positive candlestick pattern as per intraday, daily, weekly timeframe chart” said HDFC Securities Technical/Derivative Analyst Subash Gangadharan.
3.Volume has started to rise along with the up move in the IRB Infrastructure share price.
4.The intraday and daily RSI (Relative Strength Index) is showing positive indication.
5. The overall bullish chart pattern of the IRB Infrastructure share price indicates long trading opportunity as HDFC Securities and hence one may look to buy the stock as per the IRB Infrastructure share price levels mentioned above.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions