IDFC Break out
IDFC has given a break out of its previous trading range of 140 to 174. There must be some new development hence the aggressive buying from bulls. IDFC must be bought on all dips to 174. There is no immediate resistance till 200 ( approx). Perhaps non banking infra status by RBI and recent QIP raising has improved its future prospects. We do not look for meaning. We read charts and act because they tell the complete story. Look at the arrows on the chart. A picture is better than a thousand words.
rgds
Vibhas
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2 comments:
Dear Vibhas Sir,
Today, 26/11/10, IDFC is trading at @ 180. Is it a good buy from the prespective of 3 months or wait further to get it lowered ?
Regards
Bhalchandra.
Technically, IDFC is oversold as indicated by RSI. It has not started its reversal.But I like the long tail on the last day's candlestick.It indicates strong buying support from 170 levels all the way upto 180. I would advise buying small quantity at 180 and wait for a confirmation of trend reversal. Place some buy orders at 170 and 175 too. You may get some during the intra day volatility. I can not comment on any time intervals though. One ought to hold such stocks for at least one year to get good returns.
rgds
Vibhas
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