IDFC Bank CMP 34.25. In yesterdays ie on 21.12.20 corrected by around 7.5% following general market trend and took support at 50EMA of 34.53. It is on ascending wedge pattern and after taken support at the bottom of wedge shall go up in near future and cross previous highs of 39 soon with a longer term targets of 44.3, 46.35, 50+.
If falls it will break the trend line also previous Swing low starting the downtrend . Also, IB formed can take intraday trade also finding entry in 15m tf . Rest is as per charts
break out at 35 and 34.5, considering recent better performance of bank nifty. Decrease in IND VIX. considering option chain, shows below 34 rupees is good buying price for short term trader.
Stock corrected to 50% level after completing a Bearish AB=CD PATTERN.
Then support taken at fib levels & uptrend channel support line.
Expecting a bullish up movement.
It has been observed in the chart that the price action firstly formed Cup n Handle chart and then consolidated in a range. Then it further break the consolidation with a strong bullish candlestick and now retracing back to the previous resistance zone, making it a support for buyers now. Now, it seems to all set to rally from here on.
T-33, T-36, SL 30
