IDBI Bank has strong support at Rs 84: Bhamre

Bhamre told CNBC-TV18, "IDBI Bank has strong support at Rs 84. It has good amount of short positions, which have been standing ever since stock has been correcting from three figures. We are seeing some of the midcaps picking up the action. IDBI Bank is a good candidate for a short covering and fresh formation of longs near support levels. So go long and if one want to play safe then a pair trade sell IDFC and buy IDBI that can also be a trade."

IDBI Bank's trailing 12-month (TTM) EPS was at Rs 16.76 per share. (Jun, 2012). The stock's price-to-earnings (P/E) ratio was 5.11. The latest book value of the company is Rs 117.30 per share. At current value, the price-to-book value of the company was 0.73. The dividend yield of the company was 4.09%.