IDFC - Stock To correct

IDFC was close to achieve its target last time in reaching 127% according to fibonacci levels last month. However, the stock since corrected and is trying once more to break this level this week. The stock is currently trading at Rs. 80.75 with a previous high of Rs. 83.50.

• MACD has just about given a 'buy' call on this stock with the bullish line breaking the signal line
• RSI is on the expensive side due to the increase in prices over the past couple of trading sessions
• Accumulation Distribution chart is on the ascent. Hence, there looks like some more strength in this rally.

The stock could hit Rs. 84 or just about break Rs. 83.75 in the next trading sessions before we see a correction on the stock which is imminent at this point in time. Though the MACD has given a buy signal, I would not bank on it this time!