Positional or Long-term opportunity in IDFC First BankGo Long @ 71.75 for Targets of 82, 90.5, and 98 with SL 68
Reasons to go Long :
1. On Weekly timeframe If we draw Fibonacci retracement from the recent swing low (A) to the swing high (B) then the stock took support from the 0.382 Fibonacci level.
2. In addition to this, the stock formed a Bullish Engulfing Pattern (marked with a orange color) around 0.382 Fibonacci level.
3. Also there is a strong demand zone (marked with a purple color) from which the stock is taking support.
4. Besides the stock formed a Double Bottom (W) pattern at 0.382 Fibonacci level.
5. Also the stock gave a Trendline breakout (marked with a red color).
