September 10, 2014
IDFC (NSE Cash)
BUY
`139.50
`146 - 144
`157
Daily Chart
Source: Falcon (Chart time - IST 12.20)
Justification:
The stock is undergoing a ‘Time-wise’ correction since last 8 weeks, which was evident after witnessing a sharp rally of nearly
20% during the month of July 2014. In last few trading sessions, the stock prices have stalled slightly above the daily ’89
EMA’. During the session, we are observing a sharp movement on the upside along with the sizable intraday volumes,
making the daily chart quite encouraging. A closing above the `146 mark would confirm a breakout from the ‘Downward
Sloping Trend Line’ on the daily chart (please refer the exhibit). Moreover, the momentum oscillators on the daily chart are
now signaling a positive crossover, indicating possibility of a near term up move. Considering these evidences and the hourly
chart structure, we advise traders to buy this stock from current level to a decline up to `144 for a target of `157 in coming
2 - 3 weeks. The stop loss for this trade set up can be kept at `139.50.
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September 10, 2014
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Source: Angel Research
Research Team Tel: 022 - 30940000 (Extn: 6552) Website: www.angelbroking.com Email: [email protected]
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