Technical Analysis – IDBI
IDBI: The stock touched its 52-week high on Friday at Rs 154.8. The immediate-term outlook remains positive for IDBI.
Another conclusive close above Rs 154 has the potential to lift the stock towards its all-time high levels around Rs 179 level, though in between Rs 168 could pose a strong resistance. The immediate support appears at Rs 137.
F&O pointers: The stock also witnessed a healthy rollover of 32 per cent in the long side. However, both call and puts (October series) accumulated open interest. The current option trading suggests Rs 150 could act as a strong support.
Strategy: Traders can consider going long on IDBI with a stop-loss at Rs 150. Shift the stop-loss to Rs 158, once it moves past that level.
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