Sudarshan Sukhani, s2analytics.com is of the view that one can exit IDBI Bank at around Rs 95-96.
Sukhani told CNBC-TV18, “IDBI Bank is not a favourite stock now. IDBI has been a disappointing chart and that disappointment continues to show. So, I would say that even if you are a long-term investor, this is not the stock to stay in. For a short-term trader, you must stay with momentum stocks and IDBI Bank is not a momentum stock. It is a downtrending stock with hardly any rallies. So, my suggestion would be to consider exiting it.”
He further added, “There are two ways to do it. One is to get out now and the second is maybe the Nifty will go up. In that case, you can get slightly better prices. So, keep a target of Rs 95-96 for an exit. In case the market does not go up at all, keep a stop loss at Rs 88. If IDBI Bank goes below Rs 88, get out anyway otherwise look for a rally and get out in that rally at the targets I have suggested.”
Disclosure: Analyst does not hold the above mentioned stock.