(My Original Blog Post: http://www.onlineequitycalls.com/2008/12/ivrcl-infra-can-test-rs-205-206-mathew/)
Technical Analyst, E Mathew is of the view that if IVRCL Infrastructure and Projects does breakout pass Rs 150, this move could surprise you with a move all the way to possibly Rs 205 and Rs 206, which would be a good trading opportunity.
"At least in the short-term IVRCL Infrastructure and Projects has given a lot of encouragement to the bulls because the bottom, which it has created at around Rs 103, is substantially higher than the bottom of Rs 57, which we saw in the month of October. So to that extent, I think the bulls have lot of encouragement and for a smart trader, the stoploss is defined as Rs 101, we could look for a breakout pass that Rs 150 zone. If it does breakout pass Rs 150, this move could surprise you with a move all the way to possibly Rs 205 and Rs 206, which I think would be a good trading opportunity but beyond that I would not read too much into this move."
Source : MoneyControl