Way2Wealth is bullish on IDBI Bank and has recommended buy rating on the stock with a target price of Rs 94-110 in its research report.
"IDBI Bank, the counter has been an underperformer since June 2014 in comparison to Nifty and other banks from its peer (For the weekly chart pls chk attached pdf). During this journey, the stock buckled almost 50% from the high of 116 and registered a low of 58. Now the level of 58 coincides with the 88.6% Fibonacci retracement of the entire rally from 53 to 116 level (as shown in the chart) and hence it acted as a strong support for the stock. In the past few weeks the stock managed to recover sharply and is now quoting above 70. During this recent up move, the stock started making 'Higher Highs and Higher Lows' on the daily chart after June 2014 which is an optimistic signal."
"At this juncture the immediate resistance for the counter is placed at 74 level. A sustainable move above the same will result in a breakout from 'Bullish Flag' pattern. In addition, the price action is supported by positive crossovers of weekly oscillators like 'Stochastic', 'RSI' and 'RSI – Smoothened'. This indicates that a breakout above 74 can lead to a strong upside in the coming weeks. In such scenario, the stock can retrace 61.8% of the entire fall which is around 94 and above. Therefore, due to the mentioned technical evidences we advise positional traders to go long in the counter ONLY above 74 level. The overall upside target for the counter will be 94 - 110. The stop loss for the trade set up should be placed below 65 levels", says Way2Wealth research report.
Investment Strategy:
Buy ONLY above 74 with a stop loss of 65 for a Target of 94 - 110
Risk/return ratio: 1:4
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To read the full report click here
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