The stock of IRB Infrastructure Developers was under selling pressure between July and November last year. But it found support at ₹45 in mid-November and rebounded sharply. After witnessing a minor dip in price recently the stock seems to have resumed the recovery. We expect the current upswing to lift the price to ₹70 in the near-term. Participants looking for short-term opportunities can buy the shares of IRB Infra at ₹59 and accumulate if the price drops to ₹57. Place a stop-loss at ₹53. When the price tops ₹62, tighten the stop-loss to ₹59. Trail the stop-loss further up to ₹62 when the stock hits ₹65. Liquidate the longs at ₹70 since there could be a corrective decline off this price level.
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