sankatradesindia

IDFC First Bank very very interesting!

NSE:IDFCFIRSTB   IDFC FIRST BANK
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.
NSE:IDFCFIRSTB
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Happy Diwali to you all.

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