Business News Desk -The mood of the stock market has deteriorated. There is no positive news for the market from all sides. Heavy selling is being seen in midcap and smallcap. Nifty has come within the range of 24800. Further decline in the market cannot be ruled out. Navratri season is going on. On this occasion, Tejas Shah of JM Financial has chosen IDFC First Bank as the festival investment idea. At present this share is in the range of Rs 72.
IDFC has become bottom in First Bank
Experts said that IDFC First Bank has recently formed a double bottom pattern. This pattern seems to be forming after 2-3 months of consolidation. This stock is currently preparing to break its big resistance. There is multiple support in the range of Rs 70-71 and a strong base in the range of Rs 64, which will have to be placed as stoploss. At present this share is in the range of Rs 72.
IDFC First Bank Share Price Target
The expert said that his first target for IDFC First Bank is Rs 92 and the second target is Rs 100. Stoploss will have to be kept at Rs 64. This target is for the next 9-12 months. The stock had made a 52-week high of Rs 93 on October 11, 2023. On October 7, the stock had made a 52-week low of Rs 70.