IDFC has support at Rs 140: Gujral

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IDFC has support at Rs 140: Gujral

Technical Analyst, Ashwani Gujral is of the view that Infrastructure Development Finance Company, IDFC has support at Rs 140.

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Excerpts from Closing Bell on CNBC-TV18 Watch the full show » ALSO READ See previous views by Ashwani Gujral See what other Experts & Brokerages are saying about IDFC See messages about IDFC IDFC BSE | NSE 10/02/12 Are Mutual Funds betting on IDFC?

Technical Analyst, Ashwani Gujral is of the view that Infrastructure Development Finance Company , IDFC has support at Rs 140.

Gujral told CNBC-TV18, "Ever since Glenmark Pharma started getting adverse news flow has been in a range of about Rs 210 to about Rs 265-270. It's now moving towards the lower end of the range. I think Dr. Reddy's Laboratories is a much better pharmaceutical stock if somebody has to do that or on the midcap maybe an Ipca Laboratories."

He further added, "All the financials are down so it's no surprise that IDFC is down. IDFC broadly around Rs 140 finds a lot of support, around Rs 160-170 it finds resistance but on reactions it is a buy although likely to remain ranging. I like Jubilant Foodworks and that is going to probably take out Rs 310 soon and probably head towards Rs 365-370. That's a pocket of consumer stocks, which are likely to do well regardless of the market - so, on all declines it needs to be bought."