RR Financial Consultants has recommended a buy rating on IDBI Bank with a price target of Rs 160, in its report dated October 1, 2009. The share closed at Rs 125.00, down Rs 2.2, or 1.73%.
"As per other technical indicators, IDBI Bank is trading well above the crossover of 9 & 18 days WMA and 50 days SMA. This indicates the counter is bullish in medium to long term. 14 Days RSI is trading at Rs 73 level, with upward bias. But according to this the counter is already in over bought zone; therefore we may see some correction in prices in the near term. Overall the trend remains positive for the counter. So any dip in price levels from here will be taken as an opportunity to make fresh long position. It is taking strong support at Rs 105 level. Next target is placed at Rs 160," says RR Financial Consultants' report.
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