IDBI Bank (Rs 179.4): IDBI Bank is in a structural uptrend since the March 2009 low of Rs 39.7. The third leg of this up-move was in progress from August this year. This leg has already achieved its target of Rs 200 and is currently reversing lower. It is possible that the stock now corrects the entire up-move from March 2009 to November this year. That gives the stock minimum downward targets of Rs 153 and Rs 140.
Investors should therefore wait for a decline to these levels before buying the stock. There is a higher support at Rs 170 that can also act as a reversal point for the stock.
If it fails to move to these targets but reverses higher, then wait for a close above Rs 205 before purchasing the stock.