Breakout from downward sloping line in IIFL Finance

٢ يونيو ٢٠٢٣

Hi,

Banking & Finance sector is doing well in India and is expected to continue performing. This gem is available at PE below 15 and is showing signs of accumulation in range of 400-500 since mid 2022. Based on volume on today's price action and breakout from downward sloping line , the script is expected to gain momentum and break all time highs soon.
The stop loss can be below 400 on weekly closing basis and we can see the levels of 625 and 1000 on the chart based on the Fibonacci levels.

As the script has been showing strength above 400 for a while, its a decent risk to reward considering momentum picking up in the script.

Note: As we have strict guidelines, the shared idea is just for learning on how to read & analyse charts and not recommendations of any sorts. Take it with pinch of salt :)

Enjoy & Happy Trading !

١٦ يونيو ٢٠٢٣

تم فتح الصفقة

Hi,

Greetings of the day!
Today the script is showing signs of closing well above 500 and probably highest weekly closing on charts is possible today. This is indication of strength as the volumes are also high.
Probably next week or last week of the June month will be interesting to see as it can quickly go to 600+ levels

١٦ أكتوبر ٢٠٢٣

تم فتح الصفقة

Hi All,

Greetings of the day!
Today IIFL Finance made all time high crossing 700+ mark for the first time.
As promised , here is my review on this script as it has crossed 650 levels and is above around 40% from the levels where I first shared the analysis on this script.

We see that the banking/finance sector charts are becoming slightly weak in last few days as compared to major index Nifty 50/Sensex 30 . But IIFL finance is showing strength and rising higher in a nice uptrend . It is not in overbought zone , neither the valuations are very high . It still trades at PE of 16 at TTM basis.
The stock is above all the moving averages on monthly, weekly and daily charts which shows strength.
One can trail STOP LOSS to around 540 levels on weekly closing basis and for short term swing STOP LOSS can be below 620 levels. Considering fibonacci levels It can go to levels of 850.
I will review this script once the levels are met :)

Note: As we have strict guidelines, the shared idea is just for learning on how to read & analyse charts and not recommendations of any sorts. Take it with pinch of salt :)
Do share your comments and show your love with liking the idea and do share this with your friends so they can also contribute and learn :)
Enjoy & Happy Trading !