Sell IRB Infrastructure with an intraday target at Rs 206: Reliance Securities

Reliance Securities recommends sell call on IRB Infrastructure on an intraday basis with a target of Rs 206 and keep a strict stop loss placed around 218. The stock has already slipped about 12 per cent so far in the year 2016 and is looking bearish on the charts.

IRB Infrastructure which is a high beta stock (1.27) is trading well below its 50, 100 and 200-DMA placed around Rs 223.43, Rs 231.42, and Rs 235.78, as per data collated by ETMarkets.com. The stock trades at a P/E of 31.03x and a P/B of 1.72x.