The outlook for IDFC First Bank is bearish. This stock has been in a strong downtrend since September last year. This downtrend is strong and intact. The price action this week indicates that the stock has been getting strong resistance around ₹73.45. The long wicks for the last two days indicate the presence of strong sellers around ₹73.45. That leaves the chances high for the stock to fall further in the coming days.
We can expect IDFC First Bank share price to fall to ₹69-₹68 from here. Traders can go short at the current level of ₹71.70. Accumulate on a rise at ₹72.80. Keep the stop-loss at ₹73.85 initially. Trail the stop-loss down to ₹71 as soon as the stock moves down to ₹70. Move the stop-loss further down to ₹70.50 when the price touches ₹69.80. Exit the stock at ₹69.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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