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We recommend a buy in the stock of IDBI Bank from a short-term perspective. It is evident from the charts of the stock that after hitting its a 52-week low at Rs 77 on January 2, the stock changed its trend. Since then, it is on a short-term uptrend. The stock conclusively breached its key resistance at Rs 90 in the third week of January and is trading well above it.
Following a minor correction, the stock took support around Rs 97 and bounced up four per cent accompanied by above average volume on Tuesday. Further, the stock is hovering well above its 21- and 50-day moving averages. The daily relative strength index is featuring in the bullish zone and weekly RSI is inching higher in the neutral region towards the bullish zone.
Both daily and weekly price rate of change indicators are featuring in the positive terrain implying buying interest. The stock's short-term uptrend line is in tact. We are bullish on the stock from a short-term perspective. We anticipate its up move to continue and touch our price target of Rs 104.5 or Rs 107.5 in the forthcoming trading sessions. Traders with short-term perspective can consider buying the stock with stop-loss at Rs 98.5.
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