IRB can go to 178-180 levels: Ashwani Gujral

Ashwani Gujral, Chief Market Strategist, ashwanigujral.com in an interview with ET Now talks about infrastructure stocks.

What about the moves in the infrastructure space be it IRB or IVRCL Infra, is it sustainable?

All stocks can go through a 10-15% type rally after large declines and if we go through 5600, maybe even infrastructure will move higher by 15-20%. IRB has found support around 145 and maybe we can even get up to levels of 178-180 where stiff resistance will come in.

Again IVRCL has found support around those 65-70 kind of zones but at best you will find rallies taking you up to 95-96. These stocks must find consistent buying. Things need to turn for them to really make large moves. For the moment, it seems that on all bad days people are buying into consumption more than infrastructure.