IRB Infra share price rises over 5%; technical experts see further upside; here's what they say

IRB Infra share price: Shares of IRB Infrastructure Developers resumed their upward march a day after ending in the red and snapping their four-session winning streak. The stock opened at ₹68.32 against its previous close of ₹68.20 and jumped 5.5 per cent in intraday trade to the level of ₹71.98 on the NSE on Tuesday, July 16. Around 12:05 pm, the stock traded 5.13 per cent up at ₹71.70. The Nifty 50 was 0.22 per cent up at 24,642 at that time.

IRB Infra share price has been on a solid uptrend over the last year, surging almost 170 per cent until the July 15 close. The stock hit a 52-week high of ₹78.15 in June this year and witnessed some profit-booking thereafter. Its 52-week low level is ₹24.95, which it hit on August 2 last year.

Technical charts of the stock look favourable, making experts believe that it may rise further from the current levels.

Vaishali Parekh, the vice president of technical research at brokerage firm Prabhudas Lilladher, recommends a buy on the stock with a target price of ₹84 and a stop loss of ₹66.

Parekh observed that the stock has witnessed a rising trend over the last year. It has surpassed the 50EMA (exponential moving average) of ₹66.50 to improve the bias and indicate further upside. The Relative Strength Index (RSI) is also on the rise, indicating strength.

In recent weeks, IRB Infra has been consolidating within a price range of approximately ₹66-70.

Jigar S. Patel, Senior Manager of Equity Research at Anand Rathi Share and Stock Brokers, observed that the stock has recently exhibited a decisive breakout accompanied by substantial trading volume, indicating a potentially attractive buying opportunity at this juncture.

This consolidation phase occurred around the 21-50-day exponential moving averages (DEMA), adding to its appeal.

"From a technical analysis perspective, the daily RSI has reversed from the 50 level, further signalling a positive outlook for the stock. Based on these indicators, it is advisable to consider adding long positions within the ₹70.5-71.5 range, targeting an upside potential of ₹78. To manage risk, a stop loss should be set at ₹66 on a daily closing basis," said Patel.

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Disclaimer: The views and recommendations above are those of individual analysts, experts, and brokerage firms, not Mint. We advise investors to consult certified experts before making any investment decisions.