IDBI in the verge of reversing the trend backed by strong monthly support at 50 levels also MACD crossover happen now.
So one can buy for target of 57, 59 & 62. SL 53.5.
Banking has been in uptrend and more is to come. IDBI is forming triangle. Buy at fresh demand zone and stock will zoom after triangle breakout.
Buy 73-74
SL - 70 (demand zone) or 65 (Channel)
T - 81, 86, 92, 115
IDBI share comparative performance is not up to market due to Lower High Lower Low Pattern with oversold, but indicator showing good strength.
In the near term, it will touch 84-110 & In long term accumulate QTY because this stock have good potential with 3:1 risk reward ratio, target 200++ because everybody knows market may be or not start correcting due to...
IDBI has been trading in down trend channel it closed touching the resistance and seem to approach again support if breakout doesnt happen. we can see the target of 72 or if breakout then 77 in near term.
The stock has formed a Doji Star on 09.03 and Buy signal was confirmed on next day as price traded above the high of it. Moreover it was at Crucial 50% of the last swing so one can go long at this level by providing a small stop loss. One can easily expect 2-3 times reward of the risk taken.
