Since its listing, the IIFL Securities stock price has generally been capped at around 55-56 on the weekly chart with intra week highs around 60-65. After 3 failed attempts to break the 55-56 price level on a weekly basis, the stock finally broke through and closed at an all time weekly high of 64.35.
Given that this breakout has come after more than a year of range bound trading and multiple failed attempts to cross 55-56 on a weekly basis, the price implication of this breakout should be very good in the medium to long term. Additionally, this breakout is accompanied by the 2nd highest weekly volume ever. Taking all this into account, IIFL SEC is a clear buy and can be bought for the medium to long term with a WCB stop loss of 56.
The stock can be added on declines to 60-58 and is a pure investment play.
As the price history is limited to 1 year, we use Fibonacci Projection to arrive at price targets of 98-142. The 1.0 Fib level of 72 odd can act as a short term resistance but will most likely be taken out easily. There is also a short term resistance trendline which may delay the up move but shouldn't be a big problem going forward.
Given that this breakout has come after more than a year of range bound trading and multiple failed attempts to cross 55-56 on a weekly basis, the price implication of this breakout should be very good in the medium to long term. Additionally, this breakout is accompanied by the 2nd highest weekly volume ever. Taking all this into account, IIFL SEC is a clear buy and can be bought for the medium to long term with a WCB stop loss of 56.
The stock can be added on declines to 60-58 and is a pure investment play.
As the price history is limited to 1 year, we use Fibonacci Projection to arrive at price targets of 98-142. The 1.0 Fib level of 72 odd can act as a short term resistance but will most likely be taken out easily. There is also a short term resistance trendline which may delay the up move but shouldn't be a big problem going forward.
