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IDFC First Bank Technical Opinion or technical analysis suggests that stock will face stiff resistance at the current level. The long term support and resistance & trendlines suggest that it is very difficult for this stock to move up in the absence of any good news or momentum.
The stock is forming a double top or M pattern. It shows a bearish trend and can test the levels of 35.
The Fibonacci Retracement suggest that stock is trading at a very important level and if it breaks this level then it can easily give a return of 20%. The stock is also forming a bearish divergence. The stock price is forming higher high and the indicator i.e. RSI or relative strength index is suggesting lower high. It is a bearish sign.
The stock is trading above 20 period exponential moving average and it can act as stop loss if you have taken positional trade. The stock is under consolidation phase and shows very sharp movement post-consolidation.
The option chain analysis is bearish and there is a strong resistance and very weak support at lower levels.
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