Shares of IRB Infrastructure Developers have resumed their upward momentum after a brief pause that ended a four-session winning streak. On Tuesday, July 16, the stock opened at ₹68.32, slightly above its previous close of ₹68.20. It quickly surged by 5.5% in intraday trading, reaching a high of ₹71.98 on the NSE. By 12:05 pm, the stock was trading 5.13% higher at ₹71.70, while the Nifty 50 was up by 0.22% at 24,642.
IRB Infra has been on a solid uptrend over the past year, with its share price skyrocketing nearly 170% until the close on July 15. The stock hit a 52-week high of ₹78.15 in June but experienced some profit-booking thereafter. Its 52-week low is ₹24.95, recorded on August 2 of last year.
The technical outlook for IRB Infra appears favorable, with experts predicting further gains. Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, recommends buying the stock with a target price of ₹84 and a stop loss of ₹66. Parekh highlighted that the stock has shown a consistent rising trend over the past year and has recently surpassed the 50EMA of ₹66.50. This breach is a positive signal, suggesting that the stock could see more upside. Additionally, the RSI is on the rise, indicating increasing strength.
In recent weeks, IRB Infra has been consolidating within a price range of ₹66-70. This period of consolidation has been marked by substantial trading volumes, which Jigar S. Patel, Senior Manager of Equity Research at Anand Rathi Share and Stock Brokers, sees as a bullish indicator. Patel noted that the stock has exhibited a decisive breakout from this range, supported by strong trading volumes, making it an attractive buy at current levels. He advises adding long positions within the ₹70.5-71.5 range, targeting an upside potential of ₹78, with a stop loss set at ₹66 on a daily closing basis.
The market sentiment around IRB Infra has been buoyant, reflecting confidence in the company’s growth prospects. This optimism is further bolstered by the stock’s performance against broader market indices. While the Nifty 50 saw a modest gain, IRB Infra outperformed significantly, highlighting investor enthusiasm.
Over the past year, IRB Infra has navigated through various market phases, reaching significant highs and weathering profit-booking periods. The stock’s ability to recover quickly from brief downturns and resume its upward march is a testament to its strong fundamentals and positive market sentiment. The technical indicators, including the rising RSI and the breakout from consolidation, support a bullish outlook for the stock.
Investors have been closely watching IRB Infra’s movements, and the latest surge reinforces the stock’s strong performance trajectory. The combination of technical strength and favorable market conditions suggests that IRB Infra is well-positioned for further gains. As the stock continues to attract buying interest, it remains a compelling option for investors looking to capitalize on its growth potential.
IRB Infra’s recent price action, supported by strong technical indicators and robust investor sentiment, points to a promising outlook. The stock’s impressive rally, coupled with expert recommendations, suggests that it may continue to climb, offering attractive opportunities for investors. As always, it is advisable to monitor market conditions and technical signals to make informed investment decisions.
