IDFC First Bank shares jump after Q1 results. Buy or wait for profit booking?
Stock market today: IDFC First Bank shares have been in uptrend since early morning deals on Monday. IDFC First Bank share price today opened with an upside gap and went on to hit intraday high of ₹85.75 apiece levels on NSE, logging over 2 per cent rise within few minutes of stock market's opening bell today.
According to stock market experts, IDFC First Bank shares are rising due to positive Q1 results announced by the private lender on Saturday. They said that IDFC First Bank has reported business growth as per the market expectations whereas it has managed to beat market estimates on NPA and margins improvement front.
On why IDFC First Bank shares are rising today, Saurabh Jain, Vice President — Research at SMC Global Securities said, "IDFC First Bank shares are rising today due top positive Q1 numbers declared by the private bank on Saturday. The private bank has reported business growth in sync with the street estimates whereas its NPA and margins have improved much higher than the market estimates." Expecting further rise in IDFC First Bank shares, Chandan Taparia, Derivative and Technical Analyst at Motilal Oswal said, "IDFC Fist Bank shares are looking positive and it may go up to ₹92 and then ₹95 in near term.
Those, who have IDFC First shares in stock portfolio are advised to hold the scrip for further upside maintaining stop loss at ₹80 apiece levels." For advice to fresh investors, Saurabh Jain of SMC Global said, "Despite strong Q1 result, I would advice fresh investors to wait for some correction as the stock has risen from around ₹52 apiece levels to all time high of ₹86.10 apiece on NSE in FY24. So, one should wait for some correction and then enter.
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