IDFC First Bank very very interesting!

Okay, this is for long term investors. If you are not a long term investor, the idea might not interest you but please continue to read and let me know what you think. :)

So, let's talk trend-lines first.

On Monthly charts, the stock is showing an up trend formed by higher highs and higher lows, well barring one red candle.

Also, there is another trend-line where the stock took support before. I have marked each of those attempts that acted like support.

If we were to go by the bookish definition of support and resistance , "a support line becomes a resistance".

Now, what is that actual idea?
Honestly, i feel fundamentally the bank has turned a corner. It has made an attempt to increase the retail customers over corps/institutions. While I would encourage you to read how that's good for a bank, I would just say in short - "lower the numbers to insti/corps, lower are chances of NPAs increasing". It is posting good results and has shown signs of being on the way up. I am going to mention a few levels below which are crucial. But if this crucial level is broken, this is a stock to GO LONG!

What levels are crucial?
I would say 35.75-36 are very crucial levels for the stock. If it gives a close on Monthly Charts above this level, then this could be a multi bagger at these levels.
Give me a follow and like. :)

Happy Diwali to you all.


The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.