IDBI is in parallel channel after making high in Nov 2010
it seems now this channel may breakout on upside with stop loss of low of Mar 2023
it has potential of around 30-40% upside
Don't miss this golden opportunity. IDBI bank gives breakout after 12 with high volumes. hold at least for 1 year. 1st Target = 85 2nd Target = 120. Stop Loss = 55.
IDBI has given long breakout with volumes on weekly charts, can be considered for long term.
Volume is also getting squeezed showing less sellers. Chart is getting tightened showing VCP pattern.
RS on weekly timeframe showing very positive outlook also.
More the odds are in favor better is the conviction.
IDBI closed above downward trendline (started in 2007) which is positive news.
With good Q1 results, stock might test levels of 60/62.
This is educational idea only
BUY - IDBI BANK LTD
CMP - Rs. 55
Target - 1: Rs. 90
Target - 2: Rs. 128
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Timeframe - Target - 1: 6-9 months & Target - 2: 1-2 years
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Technicals - Bullish Triangle Breakout
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This is just a view by an expert analyst, please invest at your own risk.
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In the Weekly Chart of IDBI ,
we can see that; it is creating Higher Low's created.
Also, it has faced multiple rejections at 60-62.
Enter at 56 with SL as 53 and target as 85-87.
Book profit with 1:10 Risk Ratio at 85-87 and exit.
NSE:IDBI is moving in a triangle and is respecting the upper trend line.Also,the 200SMA is showing a upward trend.So, a strong breakout of the upper trend line may lead to a strong rally up to 91.
