IRB has a history of volatile moves since its listing year of 2008. Despite that, it has generated exceptional returns for the investors.
It witnessed prolong corrective phase, which had started in late 2010 and ended in May, 2014. During that phase, it retraced from 276.10 to a new record low of 52.
Post breakout, it surged almost vertically and formed a new record high at 289.65 in Nov, 2014. It has been trading in a broader consolidation range of 225-275 level for last eight months and likely to witness an upside breakout from the same. Participants, with the short term view, can accumulate this counter in the given range of 255-261 with close below stop loss of 242 for the target of 305.