IDBI Bank may test Rs 70-72, says Pritesh Mehta

Oct 15, 2013, 12.24 PM IST

According to Pritesh Mehta of IIFL, IDBI Bank may test Rs 70-72 if the stock moves above Rs 64.50.

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IDBI Bank may test Rs 70-72, says Pritesh Mehta

According to Pritesh Mehta of IIFL, IDBI Bank may test Rs 70-72 if the stock moves above Rs 64.50.

Like this story, share it with millions of investors on M3

IDBI Bank may test Rs 70-72, says Pritesh Mehta

According to Pritesh Mehta of IIFL, IDBI Bank may test Rs 70-72 if the stock moves above Rs 64.50.

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Pritesh Mehta of IIFL told CNBC-TV18, "We can see some respite come in IDBI Bank . The chart is showing bullish patterns, it is on the verge of breaking out from a cup and handle pattern which is placed at Rs 64.50. It also coincides with its 100 day moving average."

"A move above Rs 64.50 will lead to a breakout from the falling wedge pattern. In that case the stock can rally to Rs 70-72 levels. It would be an ideal time to exit this counter," he adds.

Disclosure: We might have recommended the stock to our clients but no personal holdings.

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