Short IDFC; target Rs 130: Harchekar

Amit Harchekar of IIFL is of the view that, one can short IDFC for target of Rs 130.

Harchekar told CNBC-TV18, "In the short term I am negative on IDFC. The stock is flirting with resistance zone, it is not able to take out the levels of Rs 145-146. On the downside it gave a breaking down below Rs 138 but again managed to break above same. So still it’s a short candidate if one is initiating short positions, Rs 145 should be the stop loss and I am expecting the next support for IDFC below Rs 138 to come close to Rs 130 levels." "The company's trailing 12-month (TTM) EPS was at Rs 5.55 per share. (Mar, 2012). The stock's price-to-earnings (P/E) ratio was 25.53. The latest book value of the company is Rs 80.23 per share. At current value, the price-to-book value of the company was 1.77. The dividend yield of the company was 1.62%."