Investors with a short-term perspective can buy the stock of IDBI Bank at current levels of ₹39.7. The stock had jumped 7.6 per cent on Tuesday, breaking above a key resistance at around ₹38.
Following a medium-term downtrend, the stock had recorded a 52-week low at ₹33.3 in mid-May 2019 and changed direction triggered by positive divergence in the daily relative strength index and price rate of change indicator.
The short-term outlook is bullish for the stock. It can continue to trend upwards and reach the price targets of ₹41.5 and ₹42.5 in the coming trading sessions. Traders can buy with a stop-loss at ₹38.3.
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