IDFC To Apply For Banking License - Stock Analysis

IDFC stocks have been plummeting since the beginning of June and more drops are expected in the coming sessions. Let us take a look into the Elliott wave patterns that have developed on the charts.
IDFC Elliott Waves

As we can see clearly from the above chart, wave c is in progress and the next immediate target for this wave is at around 115. A very bearish signal is also to be found if we look at the July series of stock futures.

IDFC July Futures OI

IDFC July Futures Price

There has been a very sharp rise in open interest while prices have declined over the entire month of June which is a typical scenario of short build up.

IDFC Wolfe Waves

Camarilla levels for the stock depict yet another bearish view. the stock has fallen below the L4 support level for June and is headed for the L5 level of 121. Once below 121, a very sharp decline can be expected. However, since we are almost at the end of June, these levels will be refreshed at the onset of the new month of July.

IDFC EOD Chart

Though there are no prominent Wolfe Wave patterns to be seen on the charts, we can still declare the stock to be bearish, since it has been falling below the red line of resistance as can be seen from the charts. EMA crossovers are also bearish in their outlook.
In all, the stock is heavily bearish at the moment as can be expected to remain so for some more time.

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