Key Levels for IDFCFIRSTB : INTRADAY CHART ANALYSIS
My views are for educational purposes only.
Please trade with caution and consult your financial adviser before trading.
IDFC Bank has given Breakout. Right now at key Level. Monthly Close above 51.75 would mean Stock will start its Bull run.
Position Trade Buy above 52.6 for Immediate Target 56
56 Important fib level. However if stock gives monthly Breakout then 56 will also break with ease.
Book 50% Position at Target and Hold rest till month end to see if we get Breakout....
IDFCBANK has bounced from new yearly lows, with a convincing hammer and a follow through with price action.
Therefore it is a low risk trade, with an upcoming bank being available at a low rate. The bank can be purchased for an expected bounce to first 63 levels and then 78 levels with a stop loss of the swing low.
It has been observed that the price action trading in a range for a while and now it has again reached to the bottom of range where a revival is expected. Once closes above 56 levels then it shall further rally up.
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 BANK this is new bank but i hope that it will will defiantly cross 100rs. level but right now a strong pattern is form cup and handle in both weekly and daily chart and fibo retarcement is also showing some up move.
So i feel immediate target will be 65
second target will be 71
and final target from my side will be 83
IDFC Bank after breaking up trend has been trading in bearish channel respecting support and resistance, it has touched the channel resistance and now heading towards the support of channel support and 50% fibo level which is around 64.00, traders may enter short slightly higher rate for better entry price.