IRB Infrastructure Developers (₹210.7)

After encountering a significant long-term resistance at ₹265 in April and early May this year, the stock of IRB Infrastructure Developers started to decline. Since then, the stock has been in a medium-term downtrend. Following a corrective rally, the stock met with a short-term resistance at ₹230 last week and resumed its downtrend.

On Wednesday, the stock plunged almost 4 per cent breaching its 50- as well as 200-DMAs decisively. With the recent fall, the stock appears to have resumed its medium-term downtrend that has been in place since early May. The daily and weekly price rate of change indicators are featuring in the negative territory implying selling interest. The daily relative strength index is charting down in line with the stock price backing the downtrend.

Traders with a short-term horizon can consider selling the stock with stop-loss at ₹215.5. The short-term price targets are ₹202 and ₹198 levels.

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