Buy IDFC with target of 115-117: CK Narayan

CK Narayan, Growth Avenues Asset Advisors, talks to ET Now on various stocks.

What is your call on IDFC?

It may have formed a sort of a temporary bottom, that is about the most of it. When you have stocks coming down with so much of momentum, there is always some amount of residual momentum which will ensure that they will go down a little further but they are all into an oversold whether it is IDFC or any of the other names.

They are all into oversold zones. So what we will see across the market along with Nifty rises, at best an oversold bounce. Now it will really require fresh news for the markets to take it up from there. So IDFC is no different from most of the other stocks. I would say a target at about 115-117 is what you should look at, not really much more than that and perhaps then it would revisit what recent lows it had made again.