The IDFC stock surged 7 per cent with good volumes on Thursday, surpassing its resistance at Rs 107. The stock has been in a medium-term uptrend since the 52-week low of Rs 76 recorded in late August. It took support at Rs 100 and resumed its uptrend this week, after a brief correction. The stock has also decisively breached its 21- and 50-day moving averages, displaying bullish momentum. IDFC’s recent rally is backed with good volumes, providing strength to the ongoing upmove.
The medium-term uptrend line is intact. Indicators on the daily chart have entered the bullish zone signalling upward momentum. The daily moving average convergence divergence indicator has signalled a ‘buy’. Buying interest is seen as both daily and weekly price rate of change indicators, which are featuring in the positive terrain. The short-term outlook for the stock is bullish. Traders can consider buying the stock while maintaining a stop-loss at Rs 110.2 level. The short-term targets are Rs 117.5 and Rs 120.
( Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.