It has been observed that the price action is trending upside with short correction after every upward move. Now, the current short correction seems to be over with the current breakout.
IDFC BANK has consolidated and soon could see some carry on buying, followed by a new trend...the continuous flirting of the 50 EMA with 200 EMA at short intervals is an indication of a price consolidation and trend consolidation. There's a move soon to be expected.
(There could be a reverse merger with IDFC possible as per the rumors, in that case exit the trade)
IDFC price was moving and forming the descending channel. It has broken the channel thus offering a long trade with small stop loss and good risk to reward ratio. Price can easily climb till the previous range doubling area. I would provide Stop loss some ticks below of last bar on closing basis and look for a target of 58.8. RSI reading of 60, coming out of...
The Stock is in downtrend and formed a down sloping channel. Inside Day after the upper line touch may be significant and reverse the short term up move. If it starts trading below the low made on 30.12.16 I would short with stop loss of 54.75.