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Investors with short-term perspective can buy the stock of IDFC. It is seen from the charts of the stock that after peaking out from its early January peak of Rs 185, the stock has been on an intermediate-term downtrend. Following a medium-term downtrend, the stock found support at its long-term support zone between Rs 75 and Rs 78 in late August. Taking support in this zone again in early September, the stock started moving higher, changing its trend. Since then, the stock has been on a short-term downtrend.
While trending upwards, the stock decisively breached its immediate key resistance at around Rs 90 in the previous week. It has also breached its 21-day moving average and hovering well above it. Further, on Thursday, the stock emphatically breached its medium-term downtrend-line by jumping 7.8 per cent with above average volume. The daily moving average convergence divergence indicator has been moving higher in line with the stock price since early September. We are bullish on the stock from a short-term perspective. We anticipate its up move to continue and reach our price target of Rs 107.5 or Rs 109.5 in the ensuing trading sessions. Traders can buy the stock with stop-loss at Rs 100 level.
( Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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