IDFC First Bank:A Bat pattern almost at the finishing line.

IDFC First Bank CMP 87.45

IDFC First Bank chart by Niftyanalysis.in

IDFC First Bank will be at the finishing line of a bat pattern (advanced) which ends at 91.95

Now as per the rules of this pattern, price reversing at 91.95 zone ( I will keep an extra scope till 93.65) will fall till 83.40, 73.40, 69.40 as T1, T2, and T3 respectively.

For trading purposes consider the following strategies:-

1) Intraday: I will be buying above 88.45 for intraday targets of 89.45 and 90.85. If the price opens above 87.45 and will wait for a small dip till 87.20 to 86.30 for buying entry. If the reversal point is not done within the same day, a carry forward will be considered for 91.95 (to 93.65 range).

2) Skipping the buying side and waiting for price reversal and entering for the short side on reversal confirmed. This will require a lot of patience. It can either be taken for intraday-swing trades on every rise till the abovementioned short side targets of 83.40, 73.40 and 69.40

3) If looking for long-term investment in this script, then once the reversal is done, lower side targets are done, and an investment purpose is possible in this stock as in coming months it aims 98 to 101.