- Summary:
- IDFC First Bank plunges for the fifth straight session, down 29% YoY. Will key support hold? Traders brace for high volatility!
IDFC First Bank Extends Losing Streak Amid Weak Market Sentiment
Shares of IDFC First Bank Ltd are down 1.25%, currently trading at ₹54.67 as of 13:19 IST on the NSE, marking its fifth consecutive session in the red. The stock has taken a severe hit over the past year, tumbling 29.46%, underperforming the NIFTY 50 (+1.94%) and the Nifty Bank Index (+2.27%).
Investors are growing cautious as the broader banking sector sees volatility. IDFC First Bank has dropped 11.09% in the last month alone, while the Nifty Bank index has slipped 2.65%. Today’s trading volume is 236.23 lakh shares, surpassing its one-month daily average of 224.85 lakh shares, indicating heightened market activity.
IDFC First Bank Technical Analysis – Key Levels to Watch
Support and Resistance Levels
- Immediate Resistance: ₹59.21 – A break above this could signal a short-term reversal.
- Major Resistance: ₹64.54 – ₹70.50 – The next critical upside zones where selling pressure may emerge.
- Immediate Support: ₹54.24 – A key level; if breached, downside momentum could accelerate.
- Major Support: ₹52.00 – The last major safety net before further declines.
- Volume Analysis: Increased trading activity suggests strong market interest but bearish dominance.
Final Thoughts: IDFC First Bank – A Falling Knife or a Bargain?
IDFC First Bank’s five-session losing streak is testing investors’ patience, and technical indicators signal caution. While oversold conditions suggest a bounce, breaking key support levels could lower the stock.
For now, traders should brace for volatility, while long-term investors might see opportunities if support holds. Will IDFC First Bank stage a comeback, or is there more pain ahead?