Ashish Chaturmohta of Fortune Equity Broker told CNBC-TV18, "IDFC is one stock which has formed a very good base around the Rs 96-98 levels. We had observed earlier that around Rs 97-98 there was a strong short built up but since the stock is holding above Rs 98 levels we expect the stock to show a strong short covering. On upside Rs 103 would be the possible target and one can initiate a long position keeping a stoploss below Rs 96."
At 14:36 hrs IDFC was quoting at Rs 99.45, up Rs 4.20, or 4.41 percent. It has touched an intraday high of Rs 99.90 and an intraday low of Rs 96.10.
The share touched its 52-week high Rs 165.45 and 52-week low Rs 76.25 on 17 May, 2013 and 28 August, 2013, respectively. Currently, it is trading 39.89 percent below its 52-week high and 30.43 percent above its 52-week low. Market capitalisation stands at Rs 15,078.79 crore.
Disclosure: Analyst does not have any personal holdings in the stock.
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