I’ve recently acquired shares in IDFC First Bank at a rate of ?76. Pondering over the long-term future of this stock? Well, the outlook for IDFC First Bank, currently at ?68, is fundamentally positive. Though, minor hiccups in the short-term with momentary dips are somewhat inevitable. The supports are pegged at ?58 and ?54, these levels might be tested in the near future. Even the lower support is designated at ?48, which might be tested under adverse circumstances. Notwithstanding, chances of falling under ?48 are relatively slim.
A rebound from within the general ?58-48 zone indicates the commencement of an upward trend. This can potentially drive the IDFC First Bank share price up to a range of ?110-120 over an extended period. It’s advised to consider buying more at ?60 and ?56. It’s prudent to keep the stop-loss at ?42. Whenever the price escalates to ?85, move the stop-loss to ?73, and further revise it upwards to ?86 and ?98 as and when the price hits ?94 and ?103, respectively. You can consider booking profits at ?110.
How about the prospects for Oil India? Is it a good time to invest in this stock? Oil India’s shares, currently at ?390.35, have been in a declining trend since the previous mid-June. The formidable resistance zone lies between ?420 and ?430. To change the outlook to positive, the stock must surpass the ?430 mark. Only then, the potential for an increase to ?500 and beyond is revealed. However, such an upward surge seems somewhat unlikely at the moment.
In the meantime, it’s highly probable that the ongoing downtrend will persist. The share price of Oil India might decrease to the ?330-300 range before potentially bouncing back up. Drastic dips under ?300 are less likely. Should you wish to invest in this stock, waiting for the price to decrease might be a feasible move. Consider buying at ?340 and ?320 with a stop-loss set at ?280. Ascend your stop-loss to ?360, ?390, and ?420 when the price hits ?385, ?410, and ?435 respectively. It might be beneficial to exit the stock at ?450.
Now, let’s consider the case of shares of JSW Energy, of which I own some, purchased at an average price of ?528. What is the long-term expectation for this stock? The current stock value is ?487.95 and it exhibits a long-term growth tendency. However, since the last September, the stock has been undergoing a correction phase within this upward journey. Resistance level is sighted around ?580, and the stock has the potential to tumble to the ?400-390 range, a pivotal support zone.
The stock might find a footing in the ?400-390 zone before initiating an upward trajectory again. This ascending phase could potentially succeed in breaching the resistance at the ?580 mark. Following such a break, it’s possible for the share value to reach up to ?800 initially and even to ?1,000 over subsequent years. Accumulating more stocks during the dips at ?420 might be a sound move. Ensure to place a stop-loss at ?360. Revise it upwards to ?540 when the price ascends to ?630. Further, move the stop-loss to ?680 and ?860 respectively as the price hits ?820 and ?940. Consider exiting your position at ?980.
How about Delta Corp shares? Is investing in them at the current levels a good idea? What does the technical analysis indicate? Presently, Delta Corp’s share price stands at ?84.90. It manifests a downward trend, which appears to be nearing its limit. A robust long-term support exists at ?68, which could potentially arrest the ongoing descent. A substantial bounce back from this level followed by a price increase above ?120 will confirm a trend alteration.
This onward rally could potentially elevate the Delta Corp share value up to a range around ?250 over the next couple of years. If you are contemplating to invest in this stock, enduring patience would be essential. Consider spacing your purchase across three stages. Buy at ?82, ?77, and ?70. Safeguard your investment with a stop-loss at ?38. As an when the price ascends to ?140, revise the stop-loss to ?105. Further, change the stop-loss to ?160 and ?190 respectively if the price touches ?185 and ?205. You may choose to exit your holdings at ?230.
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