Sell IDFC, may touch Rs 80: Shardul Kulkarni

Shardul Kulkarni of Angel Broking told CNBC-TV18, "IDFC has a very strong lower top lower bottom cycle. The stock did recover from Rs 78 level to Rs 102, but the overall weekly chart still remains a very strong negative lower top lower bottom cycle."

"We recommend selling IDFC October Futures with stoploss of around Rs 95 level. We expect the stock to move back towards Rs 80 or at least test the previous lows so the recommendation would be to sell IDFC," he said. At 14:33 hrs IDFC was quoting at Rs 90.10, down Rs 2.10, or 2.28 percent. It has touched an intraday high of Rs 93 and an intraday low of Rs 88.20. The share touched its 52-week high Rs 185.35 and 52-week low Rs 76.25 on 07 January, 2013 and 28 August, 2013, respectively. Currently, it is trading 51.39 percent below its 52-week high and 18.16 percent above its 52-week low. Market capitalisation stands at Rs 13,660.30 crore. Disclosure: It is possible that we have positions in the stock discussed and we have recommended them to our clients.