Buy IDFC, may test Rs 185-200: Nooresh Merani

Nooresh Merani of Analyse India told CNBC-TV18, "We have a very medium-term view on the IDFC where in the stock has underperformed for the last couple of years. However, if we look at the last one year chart it has made a cup and handle pattern which has a breakout point around Rs 165 levels. So, at current levels it is preemption wherein we expect the stock to breakout over the next few weeks and the risk reward is in favour. So one can buy the stock at current levels with a target price of Rs 185-200 over the medium-term and a stoploss placed at Rs 150."

At 15:28 hrs IDFC was quoting at Rs 158.60, up Rs 0.60, or 0.38 percent on the BSE.

The share touched its 52-week high Rs 175.15 and 52-week low Rs 88.10 on 01 December, 2014 and 04 February, 2014, respectively.