IDFC has strong support at Rs 113-115: Thukral

Hemant Thukral, Head, Derivatives Research, SBI Capital Securities  is of the view that Infrastructure Development Finance Company (IDFC) has strong support at Rs 113-115.

Thukral told CNBC-TV18, "From last two days I am seeing lot of cash buying in IDFC. Secondly, on Friday we have seen some open interest built up on the long side after a long time. For me, the stock has very big support around Rs 113-115 levels and the immediate resistance that I think about is Rs 127-128. So we are recommending a slightly safer strategy to buy 120 call around Rs 5-5.30 - that was the closing price that day. You have to keep a stoploss on IDFC. Rs 114-115 on the downside and Rs 127 should be the immediate short term target that I can see."