The short-term outlook for the stock of IIFL Finance is bullish. On Tuesday, the stock surged over 9 per cent breaking the key intermediate resistance of ₹485, and may touch ₹575-580 level in the next couple of weeks. The upside can even extend up to ₹600.
The level of ₹485 will now act as a good resistance-turned-support. The intermediate dips are likely to be limited as fresh buyers may emerge above ₹485. Traders can go long at the current levels and accumulate on dips at ₹495. Stop-loss can be kept at ₹475 initially. Trail the stop-loss up to ₹525 as soon as the stock moves up to ₹545. Move the stop-loss further up to ₹555 when IIFL Finance touches ₹565 on the upside. Book profits at ₹575.
Note: The recommendations are based on technical analysis. There is risk of loss in trading