IDFCFIRSTB trade ideas
Approaching the mother of all trend linesIdfc bank has taken a support at this trend line continuously since March 2020 correction. The fundamentals are improving every quarter and it is reaching escape velocity to be regrouped from deep value to value to Blue chip in a few years. There has been huge institutional buying at the levels of 57, which will serve as anti-gravity level and leaves very less chance for a big correction.
If something goes horribly wrong in the market, it might go to levels of 45-47 but this would create attractive buy from these levels for a target of 70
IDFC First Bank Swing Trade (IDFCFIRSTB)IdfcFirstB saw its great run from 20 to 69.46. The stock is been falling since June from 61.90 to 53.52.
On the 15 min time frame its forming a symmetrical Triangle.
54 is also the current strong resistance, If the triangle Breaksout on the upperside i.e above 54, then it will reach the target of 55. 55 will also act as crucial resistance ( As per current data).
If the Stock Fail to cross 54 on the upper side it will surely meet 53.4 on the downside.
For Educational Purpose only :)
Happy Charting. Have a profitable Day.