IDBI

While all PSU banks are not able to move up one bank which is standing tall in this is IDBI Bank.

Now let us check its charts in long term to short term.

On monthly charts the stock has moved the resistance trend line. But at present 89 month SMA is 84.9 so that will be a normal resistance. But if that level is crossed then next logical level will be 116.

On weekly charts also the stock is also moved above the resistance trend lines. So on weekly charts stock is also on break out  mode.

Now coming to daily charts. The stock has touched 161.8 % extension of previous move from 73 to 56, which is around 83.51 and above that 86.55 is a major top .


So on long term charts IDBI is making break out and ready to move towards 115, but on daily charts the stock will face lots of resistances in the range of 83-86. If that range is broken then it will blast.

I am holding the stock in my portfolio. The post for same is in link below-

https://www.facebook.com/permalink.php?story_fbid=1853641958288141&id=100009270633634

Since 2 July stock had not breach my stop loss of 45 and today it touched 83+

Disclosure: I am holding the stock in my portfolio. Further i am not a SEBI certified analyst so please take your own decision before acting on this call.