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Investors with a short-term perspective can consider buying the shares of IDFC Bank. The stock surged 3 per cent on Tuesday. It has also broken its key resistance at ₹61.35 and has recorded a decisive close above this level.
The strong downtrend that was in place since the stock was listed in November, halted at ₹54 earlier this month. Since then it has been on a strong uptrend.
This upmove paused last week and the stock consolidated sideways between ₹59 and ₹61.4 for some time. Tuesday’s strong rise has given a bullish breakout of this pattern suggesting that the uptrend remains intact and also marks the beginning of a fresh leg of the upmove. Immediate support is at ₹61.30 and the next support is at ₹60. The stock can rise to ₹62.50 and ₹63.
Traders with a short-term perspective can go long. Stop-loss can be kept at ₹61 for a target of ₹63.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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