Multibagger Alert: IRB Infrastructure Soars 169% in a Year, HDFC Securities Predicts More Gains

RB Infrastructure’s stock, along with other infrastructure companies, has been in the spotlight due to the government’s significant investment in infrastructure development. Investors remain focused on these companies as budget announcements are expected to favor the infrastructure sector, keeping the government’s focus intact.

HDFC Securities’ Momentum Pick

IRB Infrastructure is also a momentum pick for HDFC Securities. They have set a target price of ₹78.40 for the stock, with a stop loss at ₹68. HDFC Securities recommends buying the share at around ₹70. Since the stock is trading close to ₹69, their target price suggests an upside of more than 13%.

Key Technical Reasons

1. Upward Bounce: IRB Infrastructure’s stock has bounced back after minor declines and sideways consolidation. This recent upward move is considered a breakout from a narrow range of movement/resistance.
2. Positive Trend: The short-term trend for IRB Infrastructure’s stock has turned positive, according to HDFC Securities. Their Technical/Derivative Analyst, Subash Gangadharan, notes a formation of a positive candlestick pattern on intraday, daily, and weekly charts.
3. Rising Volume: The trading volume for IRB Infrastructure’s stock has increased alongside its upward movement.
4. Positive RSI: The intraday and daily Relative Strength Index (RSI) is indicating positive signs.
5. Bullish Chart Pattern: The overall bullish chart pattern suggests a strong trading opportunity. HDFC Securities advises buying the stock at the mentioned levels for potential gains.

In summary, IRB Infrastructure Developers Ltd’s share price has shown strong performance and positive technical indicators, making it a recommended buy by HDFC Securities with an expected 13% gain.