Buy IDFC, says N Pillai

Neppolian Pillai of Modern Shares & Stock Brokers is of the view that one can buy IDFC between Rs 56-46.

Pillai told CNBC-TV18, "IDFC within the non-banking financial company (NBFC) sector is a one stock we would try to back up with a buy. It has fallen from Rs 72. That is a one of the few stock, which has gone into a weekly buy. So these kinds of collapses like 13% yesterday at about Rs 58 are going to be buy opportunities. The range to buy will be anywhere between Rs 56-46. Though the range is broader, Rs 45 has been the all time low for this stock. So you take this Rs 10 band to buy into. I think eventually this stock is going to go towards Rs 72-77 again. So that should give an Rs 20 upside from here. So the next Rs 10 band on the downside will be a very clear buy on it."

He further added, "Unitech had a resistance between Rs 49-59, this time the top has been Rs 49 and it’s falling off from there. I think Rs 38-32 will be a trading band where one can probably again build a buy position there."

Disclosure: It is safe to assume that analyst and his clients may have an investment
interest in the above stock/sector.