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The short-term outlook is bearish for IDBI Bank. The stock has been in a strong downtrend since the last week of July this year. The 4.5 per cent fall in the second half of last week has dragged the share price well below the 200-day moving average (DMA). This can continue to keep the stock under pressure. The 200-DMA, currently at ₹85.75, can now act as a strong resistance and cap the upside. IDBI Bank’s share price can fall to ₹80 from here. Traders can go short now at around ₹84. Add more shorts on a rise at ₹85. Keep the stop-loss at ₹86. Trail the stop-loss down to ₹83 as soon as the stock falls to ₹82. Move the stop-loss further down to ₹82.50 when the price touches ₹81.50. Exit the short positions at ₹81.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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