Short Term Trading Call
Charts Courtesy: www.icharts.in
Buy: IDFC (Closing Price- Rs.144)
Accumulation Zone: Rs.142-145
Stop Loss (SL): Rs.136/-
Targets: T1 155, T2 170
Stock View: IDFC has been consolidating in a Narrow range of Rs.128 to Rs.135 zone from August 15 to Sept 04 for a period of about 20 days. The stock jumped out of the range at the onset of 2nd week of September only to consolidate lower in the follow up trading sessions until yesterday. However, today the stock seems to have sought an important support around Rs.136 and the stock bounced back from there giving initial signs of stability. The stock also has an important Support at Rs.136 marked by its 50 EMA Trend line.
However, traders should keep in mind that the stock has a minor resistance at Rs.150 mark which is a resistance zone for the stock for past 4 months. On cross over & sustenance above Rs.150 mark backed by strong volumes, this stock seems set for a ride up to Rs.170-180 over next few months.
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