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India Infoline puts BUY on IDFC

India Infoline puts BUY on IDFC
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First Published: Wed, Apr 15 2009. 10 20 AM IST
Updated: Wed, Apr 15 2009. 10 20 AM IST
The stock has seen a severe correction from a high of Rs235 in January 2008 to a low of Rs45 in October. This was a panic bottom and the stock rallied up to the levels of Rs21 without a retest of this low.
On the daily charts, the price movements appear to have formed a higher bottom formation.
On Monday, the stock attempted to break out from out a crucial resistance level of Rs74-75. The bullish formation is confirmed after the stock gave a close above its short-term moving averages.
Traders can BUY the stock between the levels of Rs69-71 with a stop loss of Rs67 for a short-term target of Rs76 in the coming trading sessions.
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First Published: Wed, Apr 15 2009. 10 20 AM IST
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