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Unite Technologies Financial

13th Jul · SEBI-Registered Analyst

Technical Analysis IDBI Bank

The stock

IDBI
has shown a strong recovery after forming a bottom near the ₹62-65 zone. The stock witnessed a sharp breakout with strong volumes and is now consolidating around ₹84 after the recent rally. This type of price action generally indicates that buyers are holding their positions instead of booking profits aggressively. The short-term trend remains positive as long as the stock continues to trade above its key support levels. The first support is placed around ₹81-82 where buyers have recently stepped in. A stronger support zone is near ₹77-78. Holding above these levels will keep the bullish structure intact. The immediate resistance is around ₹86-88. If the stock manages to close above this zone with good trading volumes the next upside targets could be ₹92-95 in the short term. The overall trend remains constructive. Traders can keep the stock on their watchlist for a breakout above ₹86-88. Existing holders may continue to hold with a stop-loss below ₹81 while fresh buying is more favorable only after a convincing breakout with strong volume confirmation.

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