The stock of IDFC Bank was listed in early November 2015. Since then, the stock has been on a medium-term downtrend.
Moreover, short-term trend is also down from the December 2015 peak of Rs.62. There is only little history for the stock therefore envisaging beyond these levels for a long-term perspective will be difficult at this juncture. Immediate support is at Rs.54.
A strong fall below this level can drag the stock down to the psychological support level of Rs.50. Immediate key resistance is at Rs.57.5 and the next is at Rs.59. To alter the short-term downtrend, the stock needs to rally beyond Rs.59. Such a rally can take it higher to Rs.62. But, to change the medium-term downtrend, the stock has to emphatically break the key resistance level of Rs.64. Targets are at Rs.69 and Rs.73 levels.
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