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India Equity Research Reports, IPO and Stock News
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Please share the long- and short-term prospects of IDFC and Power Finance Corporation.
The medium-term resistance will be at Rs 170. If it gets past this level, it can move on to the long-term ceiling at Rs 220. The stock has already formed a double-top at this level and can struggle to move above it just yet. If it manages to do so, then next target will be Rs 264.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Please share the long- and short-term prospects of IDFC and Power Finance Corporation.
Jose K. Mathai
IDFC (Rs 140.6):IDFC threatened to go in to a tailspin when it declined below Rs 100 towards the end of last year. But the decline was stemmed at Rs 90 and the stock is powering ahead again. The recent trough can act as the stop for investors and they can also buy on declines with stop at Rs 85.
The medium-term resistance will be at Rs 170. If it gets past this level, it can move on to the long-term ceiling at Rs 220. The stock has already formed a double-top at this level and can struggle to move above it just yet. If it manages to do so, then next target will be Rs 264.
Long-term support below Rs 90 is Rs 44.
PFC (Rs 191.5): The scary plunge in PFC from the peak at Rs 383 halted above the long-term trough formed in October 2008. Investors can draw some comfort at this higher bottom recorded at the recent trough at Rs 131. The stock is also in a strong short-term uptrend from this trough.
