IDFC - Stock entering Resistance

IDFC is entering into its first significant resistance area in the near future. The stock has comfortably broke the 100% barrier last week. The next range in sight is the 127.2%. The stock was close to achieving it, before some correction took place intra-day in the stock.

• The stock had opened with a gap today, and there is every possibility of that being closed. Hence the stock's immediate downside is at 76 from its current close at 78.
• MACD is on a strong positive zone and the charts trigger line is on the 'buy' zone.
• Volumes at which the 100% was broken is something heartening to see giving some strength to this movement. Accumulation and Distribution on this stock is strong.

Overall, from its current level, the stock has an immediate upside of 8% to 84 before the next signal can be given. Also, there is a small downside to the stock to 4% to 75 levels. A fair chance on the stock to move both sides on this stock.