The short-term outlook is bullish for IDBI Bank. The stock has begun the week on a strong note by rising 4.7 per cent on Monday. This rise has taken the share price well above the key resistance level of ₹68. The region between ₹69 and ₹67 willact as a strong support zone. A complex inverted head and shoulder pattern on the chart also strengthens the bullish case.
IDBI Bank share price can rise to ₹80 over the next two-three weeks. Traders can buy at current levels. Accumulate on dips at ₹69 and also at ₹68. Keep the stop-loss at ₹66. Trail the stop-loss up to ₹72 as soon as the stock moves up to ₹74. Revise the stop-loss further higher to ₹75 when IDBI Bank share price touches ₹77. Exit the long positions at ₹78
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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