IDBI Share Price Target 22nd Dec 2015
IDBI Share price is currently undergoing a sideways correction and as we have been saying the longer term structure looks very good. We expect IDBI Share Price to outperform the broader Indian Stock Markets by a good margin and when Nifty is making a panic bottom around 7500 in the next few days we must keep a watch on IDBI Share price and even look to buy it on dips (when to buy, where to buy, how much to buy etc all details will be given to clients live during Indian Stock Market hours, If you are trading only on the basis of this update, then kindly use prudent risk management systems and trade. View given here is not for BTST / weekly view we are discussing the longer term structure of IDBI Share Price)
IDBI Minor Trend is Neutral. IDBI Major Trend is up / bullish. As per Our forecast / analysis on dips at appropriate supports or low risk entry points we must look to buy and hold IDBI Share Price for longer term targets of 110-120. We see a target of 110-120 post panic bottom. A panic bottom could be seen around 78-81 levels and in that panic IDBI should be bought. IDBI has good supports around 81 levels and near term resistances are placed around 97 (Nse Spot / Cash Prices have been mentioned)
The longer term structure looks much better than the crowded trade of Axis Bank, Icici Bank and for my friends from the institutional side if there is compulsion to take exposure to the Banking Sector as per our analysis of Banking Sector stocks IDBI must be on top of your list.
Good Trading To You!