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Investors with a short-term perspective can consider buying the stock of IDFC at current levels. The stock which was testing a key resistance level of ₹59 since early April eventually breached it on Thursday by gaining 4.8 per cent with above average volume. Moreover, the stock has emphatically breached its 200-DMA at around ₹57.7 and hovers well above 50-DMA as well.
The daily relative strength index features in the bullish zone and the weekly RSI is on the brink of entering this zone from the neutral region. Both the daily and weekly price rate of change indicators feature in the positive territory implying buying interest. There has been an increase in daily volume over the last two trading sessions. With the recent break above the key resistance level of ₹59, the stock appears to have resumed its intermediate-term uptrend. The short-term trend is also up for the stock. It can continue its rally and reach the price targets of ₹64 and 65 in the ensuing trading sessions. Buy the stock with a stop-loss at ₹59.7.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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