PICK OF THE WEEK: IDFCFIRSTB (NSE)

1st July 2019

On a weekly chart, the stock has formed a “Hammer Candlestick” which is a Bullish Reversal structure and suggests an upside movement in the counter.
On a daily time frame, the stock has formed a “Bullish Engulfing Candlestick” which is a bullish reversal formation and suggests a northward movement in the counter.
Moreover, the stock has been trading with a strong “Horizontal Trend Line” support which is placed at 39.80 level which shows a bounce back movement in the counter.
Furthermore, the stock has given a close above its “21 Days Simple Moving Average” which is placed at 42.80 level which shows a positive rhythm in the counter.
A daily momentum indicator RSI reading is at 48.86 level with a positive crossover as well as the RSI has formed a positive divergence, apart from this, It has given a breakout of its Downward Falling Trend Line which point out for a positive breath in the stock.
Based on the above technical structure, we are expecting an upside movement in the counter in a few trading sessions

Company Name

IDFCFIRSTB

Our Recommentation is to

Buy

Buy

43.25

Targeted Price

50.45

Stop Loss

40.00

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