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We recommend a buy in IVRCL Infrastructures & Projects from a short-term perspective. From the charts of IVRCL Infrastructures & Projects, we see that it has been on a long-term uptrend from its July 2006 low of Rs 164. However, after reaching a life high of Rs 575 in early January 2008, the stock witnessed selling pressure and was on a medium-term downtrend till it took support at around Rs 350 levels in late March. The stock bounced off this level and subsequently crossed over the 21-day moving average and then the medium-term down trendline.

On April 23, the stock breached the 50-day moving average, accompanied with above average volume. The stock appears to have resumed the long-term uptrend. The daily relative strength index is on the brink of entering the bullish zone. The moving average convergence and divergence is also showing signs of bullishness and is likely to enter the positive territory. We are bullish on the stock from a short-term point of view. We expect the stock to move up to our price target of Rs 475 in the upcoming sessions. Investor with short-term perspective can buy the stock, while keeping the stop-loss at Rs 396.

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