IIFL Finance rises nearly 3% as Q2 profit doubles

IIFL Finance Limited shares rose nearly 3% on 16 October after Q2 profit grew 103.7% to Rs 766.4 crore. Support is at Rs 565 and resistance at Rs 640. IIFL Finance Limited [

] shares rose nearly 3% to Rs 615.05 in trade till 1 pm on 16 October, after the Q2 results. Consolidated profit rose 103.7% to Rs 766.4 crore from Rs 376.3 crore a year earlier. Net interest income grew 50.2% to Rs 2,160.7 crore from Rs 1,439 crore. The update gives no asset quality data. The session opened at Rs 607.05, touched a low of Rs 590.50 and a high of Rs 615.85. On the daily chart, the stock rose steadily to a peak near Rs 710 in August and has since moved sideways between Rs 565 and Rs 640. In my view, the range is a pause within a larger uptrend, and the results add support to that view. Holding above the lows near Rs 565 keeps the structure constructive. It does not show that a breakout is due. A move above the Rs 640 resistance would bring the August peak into focus. A fall below the Rs 565 support would weaken the structure and put lower levels in view. Constructive view while price holds above Rs 565. Disclaimer: I do not hold any position in this. This content is for informational purposes only and is not a recommendation to buy or sell. Investments in securities are subject to market risks. Please read all related documents carefully before investing.