Swing and positional trade in IDFC first bank
IDFC First Bank Ltd. engages in the provision of financial and banking solutions. It operates through the following segments: Treasury, Corporate and Wholesale Banking, Retail Banking, Other Banking Business, and Unallocated.
We had recommended this stock earlier near 50-55 zone before breakout and from there it has become double. This stock has rosen 300% last year and after making a high of 100.70 it is taking pullback. From all time high, this stock has been corrected 40% as per the long wave and currently trading at the golden zone of 61% for the short wave.
On monthly chart, selling seems to be cooling down but no clear sign of buying is observed.
On weekly timeframe, it has shown some bullishness near 72rs and created SCOB which seems to be followed in the daily time frame.
On daily timeframe, price has taken liquidity of previous swing and is also following the FVG created around 71.50.
Agressive buyers can take entry at 74.50 with SL of 70rs. Otherwise, wait for price to close above 76rs to take safe entry. Targets are mentioned on the chart.
This is pure technical analysis and not a buy/sell recommendation. Please refer your financial adviser before putting your money in stock market.
Always follow the risk management, it is key to be a successful person in stock market.
In case of any doubt, or want analysis of any stock, please drop a comment or DM me.
Happy trading :)
We had recommended this stock earlier near 50-55 zone before breakout and from there it has become double. This stock has rosen 300% last year and after making a high of 100.70 it is taking pullback. From all time high, this stock has been corrected 40% as per the long wave and currently trading at the golden zone of 61% for the short wave.
On monthly chart, selling seems to be cooling down but no clear sign of buying is observed.
On weekly timeframe, it has shown some bullishness near 72rs and created SCOB which seems to be followed in the daily time frame.
On daily timeframe, price has taken liquidity of previous swing and is also following the FVG created around 71.50.
Agressive buyers can take entry at 74.50 with SL of 70rs. Otherwise, wait for price to close above 76rs to take safe entry. Targets are mentioned on the chart.
This is pure technical analysis and not a buy/sell recommendation. Please refer your financial adviser before putting your money in stock market.
Always follow the risk management, it is key to be a successful person in stock market.
In case of any doubt, or want analysis of any stock, please drop a comment or DM me.
Happy trading :)
We share stock ideas based on our research and analysis. We are not SEBI registered. Please consult your financial advisor before investing in the stock market.
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