Below Rs 130, IDFC can test Rs 115: Ashish Chaturmohta

Below Rs 130, IDFC can test Rs 115, says Ashish Chaturmohta, VP Derivates and Technicals, IIFL Private Wealth Management.

Chaturmohta told CNBC-TV18, "In banking space, ICICI Bank is one counter and in financials IDFC is one counter which is looking quite weak. We have seen a very strong addition of short build up in the last three-four trading sessions in both of these counters. If IDFC breaks Rs 130 on a closing basis then we will see lot of longs coming to liquidate their positions and we may see the stock moving towards Rs 115 levels."
He further added, "For ICICI Bank I believe that Rs 860 is a very good base and if it sustains below Rs 860 for one or two trading sessions then a down move towards Rs 800 to Rs 780 levels is quite possible."