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The outlook for IDFC Ltd is bearish. The stock has been in a strong downtrend since July this year. Last week the stock witnessed a corrective bounce. It made a high of ₹109.15 on Friday and then has turned down from there. The 1.9 per cent fall seen so far this week indicates that the broader downtrend has resumed. The reversal has also happened from near a trendline resistance which strengthens the bearish case.
IDFC Ltd share price can fall to ₹101-₹100 from here. Traders can go short now at ₹106. Add more shorts on a rise at ₹108. Keep the stop-loss at ₹110 initially. Trail the stop-loss down to ₹105 as soon as the stock falls to ₹104. Move the stop-loss further down to ₹103.50 when the price touches ₹102. Exit the short positions at ₹101
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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