IDFC has support at Rs 90-92: E Mathew

Technical Analyst, E Mathew is of the view that Infrastructure Development Finance Company, IDFC has support at Rs 90-92 zone.

Mathew told CNBC-TV18, "IDFC is encouraging to say the least because when you consider the sort of the downtrend the stock has been in, I think this could be an inflection point for IDFC because it has take very good support at around about that Rs 90-92 zone. This move has the potential once you have resistance at around Rs 117, but if this stock is able to overcome the huge supply which exit at Rs 117 we could see the stock possibly rallying all the way to  Rs 140 zone but of course one has to be very careful around that stiff zone."

He further added, "Gujarat NRE Coke was a bit of an underperformer but I think if one has a little bit of patience and if one could accumulate it round about that Rs 95-98 zone, this could be a very interesting stock and if this stock is able to maintain above Rs 110 and Rs 112 you could see this stock climb all the way to Rs 134. Both stocks merit accumulation on decline from the trading angel."

Disclosure: It is safe to assume that analyst & his clients may have an investment interest in the stocks/sectors discussed.