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In the ever-dynamic world of stock trading, identifying lucrative opportunities is crucial. Bajaj Broking's latest alpha trade recommendation focuses on IDFC FIRST Bank, a stock currently presenting a fresh buying opportunity. Let’s delve into the specifics of this recommendation and understand why IDFC FIRST Bank could be a valuable addition to your portfolio.


Trade Recommendation Overview

  • Stock: IDFC FIRST Bank
  • Current Price: ₹83
  • Buy Between: ₹80.00 - ₹83.50
  • Target Price: ₹93
  • Stop Loss: ₹75
  • Upside Potential: 14%
  • Duration: 35 Days

Technical Analysis: Falling Channel Breakout

IDFC FIRST Bank has been consolidating in a downward channel and is on the verge of breakout. Key technical indicators supporting this recommendation include:

  1. Support from 52-Week Moving Average: The stock has taken support from its 52-week moving average, a critical indicator of its long-term trend and strength.
  2. Favourable Risk-Reward Setup: With the current recommended buying range, the risk-reward setup is favourable, making it an attractive buy for traders.
  3. 80% Retracement Target: The stock is estimated to head towards the 93 level in the coming trading sessions, corresponding to the 80% retracement of the previous downturn.
  4. Above Major Moving Averages: IDFC FIRST Bank is trading above all its major moving averages, reinforcing its upward momentum.
  5. Higher High Higher Low Formation: On a larger time frame, the stock has been maintaining a higher high and higher low formation, indicating ongoing accumulation and positive sentiment.

Indicators and Momentum

The momentum indicators for IDFC FIRST Bank further support a positive outlook:

  • MACD Crossover: The Moving Average Convergence Divergence (MACD) indicator is showing a positive crossover, a strong signal of upward momentum and potential price increase.
  • Sideways to Positive Scenario: Overall, the indicators suggest a sideways to positive scenario, aligning with the bullish breakout potential.


With a target price of 93 and an upside potential of 14% over a 35-day period, IDFC FIRST Bank presents a compelling buying opportunity for traders. The combination of technical indicators, favourable risk-reward setup, and the breakout potential can make this stock a noteworthy addition to your trading portfolio.

Additional Read: HDFC BANK – A Closer Look

Note: This recommendation is provided by the Bajaj Broking Research Team as of 12 pm, 26 June’24.

Disclaimer:Investments in the securities market are subject to market risk, read all related documents carefully before investing. This content is for educational purposes only. Securities quoted are exemplary and not recommendatory.

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