Quant Pick - IDFC First Bank: ICICI Direct

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26 Aug, 2025 12:21

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ICICI Direct's research report on IDFC First Bank

Recommendation

Buy IDFC First Bank in range of Rs 31-32, Target: Rs 38.5, Stop Loss: Rs 28.4
Time frame: Three months

Derivatives & Quantitative Outlook

In the ongoing broader market recovery, stocks from the midcap and small cap space have found momentum but the financial space is still underperforming. However, apart from sectoral heavyweights, the select midcap banking space, especially IDFC First Bank, is witnessing buying interest at every decline. We expect IDFC First Bank to continue its positive momentum on the back of fresh long additions.

Open interest in IDFC First Bank has remained muted since March 2020 as it remained under pressure along with the market. The open interest seen in the May 2020 series was one of the lowest since November 2016. However, fresh longs were formed in the stock since the mid-June series along with a fresh up move. The OI has increased almost 25% in the last couple of months indicating buying interest in the stock.

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