Friday, 14 November 2008

IVRCL Infra has resistance at Rs 160: Gujral

Technical Analyst, Ashwani Gujral is of the view that IVRCL Infrastructure and Projects has support at Rs 110 and resistance at Rs 160.

Gujral told CNBC-TV18, "Infrastructure stocks are all getting into some sort of ranges, they had this huge plunge in October but now it seems that they may form higher ranges something like JP associates, which will probably find support at around Rs 64 and face resistance at around Rs 95, IVRCL will find a support at Rs 110 and resistance back at Rs 160, so infrastructure may start doing a lot better to what it was doing last month. So PSU banks or Infrastructure wherever you have commodity prices or lower interest rates coming in, those sectors would outperform and commodities are likely to continue to underperform."

Disclosure: It is safe to assume that analyst and his clients may have an investment interest in the above stock/sector.

Source: Moneycontrol

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