IDFC First Bank - Running towards 42

IDFC First Bank has seen more than a 50 % fall in March. Even though the bank is reporting losses/minute profits, the bank looks fundamentally strong since it is in process of increasing its loan value and other related measures as mentioned in its previous year's annual report. Keeping fundamentals apart, Bank has seen a rally along with the stock market even though not at par, was bullish till Sept and was seen consolidation till Nov and then again saw a price increase. Bank has seen reverse hammer stopping bearisg pattern every time as highlighted above. Recently the bank has crossed a multi-period trend breakout and closed today at 38.60. It looks bullish on the chart with the next resistance at around 42 levels.

This should be construed only for educational purposes alone and should not be taken as a suggestion for buy/sell.