Buy IDFC for target of Rs 163:India Infoline

MUMBAI: India Infoline has advised traders to buy IDFC for target of Rs 163.

���A detailed study of daily chart suggests that IDFC has made several attempts to break above the resistance zone of Rs 147-150. The stock has been trading within a channel of Rs 110-150 in the past six months. On Thursday, IDFC gave an upside breakout. This was accompanied by smart surge in volumes.

���We expect the stock range bound trading to come to an end and is likely to resume its uptrend. The stock rallied by 5% during Thursday confirming the bullish set up. We continue to remain positive on the stock from technical perspective as the stock has managed to hold on to its short-term support trendline in ongoing market volatility. Moreover, the stock has given a close above its 26-DMA. We recommend traders to buy the stock in the range of Rs 153-155 with stoploss of Rs 149 for target of Rs 163 and Rs 165,��� said India Infoline report.

Note:Trading idea valid for time period of 1-3 days.