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IDFC FIRST BANK Bouncing from Strong LevelPositive Technical Signs:
Retraced to 61.8% on weekly TF
Previous resistance turned strong support level
forming Triangle pattern (may breakout of breakdown)
If stock is holding above 36 it will be positive and might take a little more time to give breakout if expected as seen in the chart triangle.
Breakout from triangle will very give strong up move.
If someone has it they can average it at this level but close below 36 then it's gone.
For now, we have to keep it in the watch list.
DISCLAIMER: For education purpose only, do your own analysis or consult your financial advisor before taking position.
IDFC First Bank: BreakoutThe stock has broken out of the pattern and its resistance with spike in volumes.
If it sustains levels of 52, it can start trending towards its previous highs.
Be mindful of the fact that results are on 29th Oct, so if you initiate the trade please be cautious.
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IDFC First bank: Next rocket of banking sectorThe stock has give it's 8 month old trendline breakout today with volume.
It has bounced sharply from all 20/50/100/200 ema and RSI is also giving bullish indication.
Buy above 53 level for targets: T1: 57.5, T2: 61.5 and T3: 67
Learn & Earn,
Dr. Tanya Kumar