IDBI & other PSU's like Moil are in hope of GOVT Stake decrease,
For IDBI 81.50 to 83.10 will be heavy supply zone
crossing them on closing basis Idbi will start Rocking!!
IDBI Bank has been trading in horizontal channel respecting support and resistance, it has been approaching channel resistance around 77 in near term,traders may enter long in IDBI.
IDBI Bank trading in a channel since March'16 and gradually forming a wide wedge, it is touching the channel support 68.60 and very good opportunity to enter long in this stock but wait to see breakout if breakout occurs it will trade downward but chances are very thin to go down, risky trader enter long with small stop loss with a target of 81.00 in near term.
We have multiple setups of Bullish Gartley on IDBI. Channel support is nearer and slightly below that level can be treated as SL point.
Just wait for the reversal signal before taking a trade as index is not supporting.
IDBI has been moving continuously in channel. Currently We have witnessed an impulse wave 3 which made high around 77. These are below few things to be noticed.
1. Impulse wave around 77.
2. Bearish Gartley with D leg almost expected around 77.
3. Previous structure resistance around 77.
I am expecting one retracement to slightly below 75 on Monday. Those...
IDBI has been trading in a channel on a daily charts. Will it test the resistance trend line again.
As of now one can buy it for first target of 81.
But one has to be careful on the upside as well as there is a potential bearish Gartley devloling inside the channel.
Price has hit Resistance level and has reversed. Price should go down further till 73.92. Also the last Daily candle i.e of 16.9.2016 is a strong bearish candle. Idea is based on price action.
***This idea is published for educational purposes only***
Q1 FY16-17 results have reported profits and seems like Bank has done with writeoff of NPA. Since last year there are news of privatization of this bank like Axis Bank.
Bank is in process of share sale of Rs6000cr and also separate offering for preferential shares which will allow investors to take over the management as per reports available in media. Bank’s...
IDBI on hourly timeframe has wedge pattern and price is near the lower trendline of wedge pattern and if you notice there is another wedge formation in 15mins. Initially I thought of posting this 60min wedge as positional trade and later converted it to intraday post bcos of Inner wedge. So Intraday traders can trade the inner wedge's direction of breakout and if...
![IDBI: IDBI : [Intraday] Wedge within [Positional] Wedge : Breakout ?](https://s3.tradingview.com/s/sCk6xKHM_mid.png "IDBI : [Intraday] Wedge within [Positional] Wedge : Breakout ?")