IDFC First Bank very very interesting!
Okay, this is for long term investors. If you are not a long term investor, the idea might not interest you but please continue to read and let me know what you think. :)
So, let's talk trend-lines first.
On Monthly charts, the stock is showing an up trend formed by higher highs and higher lows, well barring one red candle.
Also, there is another trend-line where the stock took support before. I have marked each of those attempts that acted like support.
If we were to go by the bookish definition of support and resistance, "a support line becomes a resistance".
Now, what is that actual idea?
Honestly, i feel fundamentally the bank has turned a corner. It has made an attempt to increase the retail customers over corps/institutions. While I would encourage you to read how that's good for a bank, I would just say in short - "lower the numbers to insti/corps, lower are chances of NPAs increasing". It is posting good results and has shown signs of being on the way up. I am going to mention a few levels below which are crucial. But if this crucial level is broken, this is a stock to GO LONG!
What levels are crucial?
I would say 35.75-36 are very crucial levels for the stock. If it gives a close on Monthly Charts above this level, then this could be a multi bagger at these levels.
IDFCFIRSTB
Give me a follow and like. :)
Happy Diwali to you all.
So, let's talk trend-lines first.
On Monthly charts, the stock is showing an up trend formed by higher highs and higher lows, well barring one red candle.
Also, there is another trend-line where the stock took support before. I have marked each of those attempts that acted like support.
If we were to go by the bookish definition of support and resistance, "a support line becomes a resistance".
Now, what is that actual idea?
Honestly, i feel fundamentally the bank has turned a corner. It has made an attempt to increase the retail customers over corps/institutions. While I would encourage you to read how that's good for a bank, I would just say in short - "lower the numbers to insti/corps, lower are chances of NPAs increasing". It is posting good results and has shown signs of being on the way up. I am going to mention a few levels below which are crucial. But if this crucial level is broken, this is a stock to GO LONG!
What levels are crucial?
I would say 35.75-36 are very crucial levels for the stock. If it gives a close on Monthly Charts above this level, then this could be a multi bagger at these levels.
IDFCFIRSTBGive me a follow and like. :)
Happy Diwali to you all.
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