IDFC hit its life-time high in 2008 at around 235 & is now at 50% of that at around 112. Two attempts to rally since then, one in 2009 ended with a lower high and another in 2012 ended with an even lower high of 185 in January 2013. The lows however have been haphazard, sometime making higher lows like in 2011 & a lower low recently in 2013.
Looking at the chart recently we've seen a rally from 75 to a recent close of 126, a price appreciation of 50% in about 3 months. But the real question is whether this rally will sustain in the long term for investors. We see the stock facing major resistance in the range of 113.5 to 126.5 with resistance points at 113.5, 120 & 126.5. This zone will prove tough for the stock to move up & even if there is a move above this, then the stock will have to wait & Stabilize above 120 for a long period of time in-order to rally further higher. Any volatile moves above this zone will be not worth investing yet & may be cut short abruptly.
Support levels for the stock are seen at 98, 93.5 & 88.5. The support level at 93.5 is the strongest available for the stock as of now & any price action below this will signal the end of the present up-move & will confirm this up-move to be just an intermediate trend.
The stock will not be a good investment bet any time soon, we see this to be an intermediate trend against the major trend as of now. To change that the sock will have to consistently sustain above he price point of 120. Until then the stock is still in a bear market.
Click to enlarge - Crude Oil NYMEX Daily Chart
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Hero Motocorp is one of the few large-cap stocks that has been seeing some upward movement in the recent past, whereas the larger markets and the index have been moving downwards. We take a look at Hero Motocorp in today's video & discuss it's possibilities with stop-loss, targets, supports & resistances. Do watch the videos in Hindi & English below to get the complete picture on Hero Motocorp.
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Bullish in a bear market - Hero Motocorp - English Video - http://www.youtube.com/watch?v=tvVMHkRljI8
Bullish in a bear market - Hero Motocorp - Hindi Video - http://www.youtube.com/watch?v=QyRvyeExBqo