Home / Markets / Stock Markets /  IIFL share price may surge up to 80% in long term, believes this brokerage

IIFL shares have been in uptrend since August 2020. In this time horizon, this financial stock has risen from around 65 to 365 apiece levels, delivering around 460 per cent return to its shareholders. IIFL share price is currently trading close to its 52-week high of 396 apiece levels on NSE. However, brokerage firm Ventura Securities believes that the stock may further continue to rise. The brokerage has given long-term target of 650 apiece levels. AS IIFL share price today is 365 per share, the brokerage is expecting near 80 per cent rise in this financial stock.

Speaking on the reason for being bullish on IIFL shares, Ventura Securities said, "The stock price started its up move from 74 (Oct 2020) to 346.55 (March 21), making series of Higher Tops & Higher Bottoms, supported by volumes. During the move the stock continuously traded above averages & Super trend was in positive Mode. There after the stock traded in a range with higher bottoms and higher tops making a new high of 395 in April 22."

"The stock traded in a range of 250/400 from March 21 to August 22 bouncing back from averages which suggests continued buying interest in the stock. The William percentage R & CCI Indicators indicate buying strength in the stock. A positive weekly candle formation has occurred & the stock made a high of 368.60 above preceding swing high of 364. The behaviour of the Price suggests a possible range break outs & possibility of in coming days."

On IIFL share price target in long term, Ventura Securities said, "The possible target for the financial stock is 450 and 650 apiece."

On important pivot in regard to IIFL shares, the brokerage said, "Frist buying range of the stock will be 337 to 350. If the stock comes down then next buying level for the stock would be 310 to 316 per share. One should maintain stop loss at 295 apiece levels while taking fresh buying position in the scrip."

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.

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