The short-term outlook for IIFL Finance is bullish. The stock has risen over 4 per cent on Tuesday. This rise has taken the stock price well above the key resistance level of ₹640. It has also broken the sideways consolidation between ₹620 and ₹640 that was in place for more than a week. The next resistance is at ₹685. But the chances are looking high for the stock to break this resistance.
Such a break can take IIFL Finance share price up to ₹710 over the next three-four weeks. Traders can go long now. Accumulate on dips at ₹648. Keep a stop-loss at ₹630. Trail the stop-loss up to ₹665 as soon as the stock moves up to ₹680. Move the stop-loss further up to ₹685 when IIFL Finance share price touches ₹695. Exit the long positions at ₹705.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)