Back To Back Breakout In IDFC BANK Ltd.

Here we have found two stocks which are giving signals of bottom out and both are related to the finance sector. Let's take an overview of dip analysis.

Technical Overview of IDFCFIRSTB: As we can see the daily chart of IDFC Bank Ltd, the stock was trading in a range-bound i.e. 36 to 46. This range-bound duration is around six months. On the last Friday, the stock price has given back to back breakout to its three strong resistances that are 200 DMA, Trendline and Previous Top. The 200 DMA means the average price of long term investors and this is the trend changer moving average. The volume is double than the regular volume and with this breakout, the stock has given trend change signal.

If we check the weekly chart of IDFC Bank then also breakout has confirmed with the same parameters.

 
We per our studies, we are expecting IDFC Bank will touch 50/55/60 in the coming weeks or months. We can buy it from current levels with the stop-loss of 44 on a closing basis.

Technical Overview of IBULHSGFIN: We have found one more stock from the finance sector i.e. Indiabulls Housing Finance. In last to last month stock has made a low of 165.80 and this was around lifetime low. Exactly from the same levels stock has given bounce and closed with a good green candle in last month. The volume of last month is great and the stock has made bottom on weekly as well as daily time frame. The stock price has bottomed out on last Thursday. Also on 18th November, the company has paid heavy dividend i.e. 35 rupees per share.

So Medium-term players can buy around 300-305 with the stop-loss of 265 and wait for targets of 350/370/400. For long term players, stop-loss is 165 and targets are 400/500.

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Disclaimer: The contents produced here are purely for educational purposes. They should not be construed as buy/sell recommendations. I am not a SEBI registered Analyst or Investment Advisor. Readers are advised to consult their Investment advisor before taking any decisions based on the above write-up.
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