IDFC has target of Rs 165: Harchekar

IDFC has medium term target of Rs 165, says Amit Harchekar of IIFL.

Harchekar told CNBC-TV18, "IDFC has given a good breakout above Rs 126 levels and I believe the stock is still maintaining its upward momentum. Rs 140 turn out to be its previous peak, so we might see that acting as an immediate resistance. If that is taken out I am seeing this stock to head towards Rs 165-170."
He further added, "This stock is already trading above the breakout levels, so if you try to project the target they are still 7-8% higher from the current levels. But as I mentioned since Rs 140 was its previous peak its trying to retrace first that and once that is taken out you will see a fresh renewed buying interest in the stock. So if you are long in this counter your stop loss comes close to Rs 122 levels and if you are buying it from a medium-term perspective the target could be as high as Rs 165."