IDFC - Rangebound

IDFC is still moving with some range bound movement. What still remains is the direction of the next set series. The stock had a strong rally since mid-September. Having completely retraced to its previous high in April, the stock rallied further to 127% before entering into a range between 100% and 127%.

• MACD is showing increase in the size of the column bars. Not a good indicator for an investor of the stock.
• RSI is still in a zone of 'sell'
• Accumulation Distribution is where there seem to some divergence to the current signals. In spite of the recent fall, the volume is increasing in this stock, in spite of the recent correction in the stock

Overall, though there is some inaction in the stock, the following would be the range one needs to look at : If it breaks 82.61 the stock does not have a history to back upon. However, the next target could be at Rs. 100 (167% at Fibonacci charts, in case one is wondering where the number came from thin air). However, with the current conditions, I would not bank on this target for the upside. I would book profits at 82 and wait till it breaks 85 on higher volumes. On the downside, the stock could see some correction at Rs.70 and then at about Rs. 63. Given this range, I would like to have no fresh exposure in this stock and wait for an opportunity to book my profits.