IDFC First Bank share price; Know triggers, trading strategy from experts to maximise gains

IDFC and IDFC First Bank share prices have been in the thick of action over the last 2 trading sessions. The spurt in momentum in the two stocks have been on the news around Reserve Bank of India’s internal working group suggesting raising promoter holding threshold among lenders and changing of ownership structure. 

What should be the strategy for investors on these two stocks. Technical Analyst Nilesh Jain has some simple tips to optimise the gains. Know here, what they are! 

​IDFC Stock Strategy - Analyst View:  This stock has been witnessing a non-stop rally, Jain said. A breakout has been seen in this stock. IDFC stock has seen strong rally with the price jumping from Rs 32 to Rs 44 in just 2-3 trading sessions. This stock has seen a breakaway gap between RS 34 and Rs 38 which acts as a major support zone. He expected “heavy profit booking” in this stock.  

At 11:40, the stocks of IDFC were up by over 1.2 per cent, trading at Rs 40.70. The upside is open till the levels around Rs 49-50. The recommendation is to remain cautious and avoid this stock for now. The stock has been trading in large volumes – not seen in the last 4-5 months, Jain said. His advice to investors is to wait for taking fresh long positions. 

For investors who are already having this stock should hold it. 

IDFC First Bank Stock Strategy - Analyst View: Jain said that this stock is looking strong on the technical charts and could see some profit booking after a rally. The analyst said that he was positive on this counter. The structure is in rising trend with higher tops and higher bottoms. There will be some consolidation in this stock and it will give buying opportunities at lower levels, he added.  

At 11:40 am, this stock was trading at Rs 38.85, down by almost 2.7 per cent. He said that this stock has a potential to achieve targets between Rs 42 and Rs 45 in the near term. The 52-week high for this stock is 47.95 which this counter achieved on 29 November 2019 while the 52-week low is Rs 17.65, it attained on 24 March 2020. Investors who are willing to take a long position on this stock can do that.  

See Zee Business Live TV Streaming Below:

He suggested a buy on dips and puts the stop loss at Rs 31.