IDFC may slip below Rs 150, says SP Tulsian

The profit booking can bring IDFC down sub-Rs 150, says SP Tulsian, sptulsian.com.

Tulsian told CNBC-TV18, "In IDFC I do not think this disappointment was there on the earnings. It could be because of  the other income, their core business has not shown that kind of income. But if you see the run up, it has moved from  Rs 120-180. This is in line with many other PSU banking stocks where we have seen this kind of run up. Canara Bank  run up from Rs 320-520, so maybe whenever the stock moves up like this you see the massive profit booking coming  in.”
He further added, “I do not think that the Q3 numbers can really be used as a trigger. Even if you consider the increase  in the other income, which is not forming part of their core business, so maybe it is difficult to say. But I think that profit  booking can bring it down sub-Rs 150, so it is better advisable to wait till then."