Recent Selloff’s in banking sector is due to Share holders rushing to exit their previously held positions. Panic correction which resulted because of Demonetization is creating hand to hand discount in stock Prices. Long term Investors can look for fundamentally sound stocks (such as Multibagger), acquire them for a bargain in these conditions. IDFC is such a Kind of stock, it has a good potential to outperform its peers. Stock price is in Correction phase caused by liquidation. Price action Analysis on daily chart, offers some technical insights on the stock
IDFB Stock Price was in uptrend from July to October 2016. A pullback failure occurred in Mid October and prices couldn’t breach the previous high. Price action took resistance at 80.00 and tumbled till 69.00. Prices fell because on position adjustment ahead of Demonetization. Though the structure is bearish in short-term, it’s a good opportunity for Long term Investors. Gauge the Price action and do trading according to Market structure
