Decisively breaching its resistance and 200-day moving average, the stock of IRB Infrastructure Developers advanced 4.4 per cent on Monday. Investors with a short-term perspective can buy the stock at current levels.
The significant long-term support at around Rs.210 provided a base for the stock over the past one-and-a-half months. The stock started moving higher last week and gained 6.6 per cent.
The daily relative strength index has entered the bullish zone from the neutral region and the weekly RSI is heading towards this zone.
Further, the daily moving average convergence divergence indicator is on the brink of entering the positive territory, implying bullish momentum. Buying interest is also evident on the charts.
The short-term outlook is bullish. The stock can extend its rally and reach the price targets of Rs.256.5 and Rs.262 in the upcoming sessions. Buy the stock with stop-loss at Rs.241.