After 52-week high, IDFC First Bank shares on way to hit a century

IDFC First Bank’s shares hit a 52-week high of INR 70 on the NSE as it rallied by over 5% over the past three trading sessions. A 15-17% rally from the current level by the middle of July will result in the stock making a cut in the MSCI Standard Index in its August review, as per a note by brokerage firm Nuvama. The quarterly down-sloping trendline breakout confirms trend reversal on long-term charts. The bank’s standalone PAT jumped 134% YoY to INR 803 crore in the March quarter, which is the highest-ever quarterly profit for the bank.

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