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IDFC First Bank: Buy on dips for long term

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IDFC FIRST BANK (NSE:IDFCFIRSTB)  
pradipandsuvra  
NSE:IDFCFIRSTB   IDFC FIRST BANK
Double Top or Bottom Elliott Wave indianstcokmarket stocktowatchfor idfcfirstbank positional
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doubletoporbottom elliottwaves indianstcokmarket stocktowatchfor idfcfirstbank positional
In the IDFCFIRSTB shares, we can see the Elliot Wave pans out nicely.

  • See the outer wave marked in green 1-2-3. We are in the motive/impulsive 3rd wave.
  • Now in the motive 2nd wave, there are again 5 subwaves formation. We are at 3rd motive inner wave. So it is 3-3 wave overall.
  • Hence a retesting of the long term support (which is also a neckline of a rounding bottom) around 50-52 is welcome.

We can accumulate around 50-52 for a target of 65-70 (a few months timeframe) with a SL of 46.
Penafian

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