Avoid IDFC, says Shardul Kulkarni

Avoid IDFC, says Shardul Kulkarni, Sr Technical Analyst, Angel Broking.

Kulkarni told CNBC-TV18, "In case of IDFC I think this is just a pullback. You have seen that the stock is moving higher just on the back of short covering and not any strong sustained buying. If it is to move higher eventually in the next couple of trading sessions it should first form a base. There are no signs of a base formation. It is too early to say that base has been formed, so from a trading perspective, the stock remains a sell on the rise."
He further added, "On the higher side Rs 140-142 is a major resistance for this particular at least as of now. Probably investors can lap it up but from a trading perspective it is clearly moving on the downside and I would avoid it."