PL Technical Research: Buy IDFC FIRST BANK - Technical Pick

PL Technical Research: Shiju Koothupalakkal - Technical Research Analyst, Prabhudas Lilladher Pvt. Ltd.

BUY IDFC FIRST BANK CMP: 87.5 TRGT: 97 SL: 83 - TECHNICAL PICK - The stock after the decent correction has indicated a pullback to improve the bias and with a higher low formation pattern on the daily chart has shown strength anticipating for further rise in the coming days. Also, there is a descending channel breakout indication to strengthen the bias and can expect for further upward move. The RSI indicator is on the rise and is well placed to signal a buy having much upside potential from current levels. With the chart looking attractive, we recommend a positional buy in this stock for an upside target of 97 keeping a stop loss of 83.