IDFC may move to Rs 95-96: Sharmila Joshi

Sharmila Joshi of Peerless Securities told CNBC-TV18, "The reasons why IDFC corrected was also quite strange because FII limit was not raised and reasons like that for the stock to correct to this extent is a little overdone. From that perspective alone I would expect a pullback closer to Rs 95-96 levels.”

She further added, “The entire financial space is going through some sort of pain and from banks it getting reflected to other stocks within that space whether it is plays which are like insurance based or a finance company like IDFC which is lending to infrastructure. So that pain is likely to continue because that is definitely a part of the cyclical and structural changes that we are seeing within the sector. Going ahead, I would have a target of Rs 110 to Rs 115 on the stock with a 9 to 12 month kind of a horizon.”