11. IDFC First Bank

🔹 Time Frame: Weekly

🔹 Current Market Price (CMP): ₹60.39

🔹 Trend/Market Structure:

➤ The stock is in a short-term bearish trend, trading below the EMA 25 and EMA 50, and rejecting higher levels.

➤ The stock has returned to retest its multi-year breakout trendline, which could act as a key support zone.

➤ The long-term structure is still bullish, supported by its position above the EMA 200.

🔹 Technical Pattern Recognition:

➤ The stock broke out of a descending trendline earlier, and it is now retesting this trendline for potential demand.

➤ A consolidation zone is forming near ₹58-₹62, indicating indecision at current levels.

🔹 Key Zones:

➤ Support Zones:

Support Zone 1: ₹58 - ₹60 (Immediate demand zone near the retested trendline)

Support Zone 2: ₹50 - ₹55 (Historical demand zone and proximity to EMA 200)

➤ Resistance Zones:

Resistance Zone 1: ₹65 - ₹68 (Near-term resistance from EMA 25 and EMA 50)

Resistance Zone 2: ₹75 - ₹78 (Major swing high and supply zone)

🔹 RSI Analysis:

➤ Current RSI Level: 33.02

➤ RSI is in oversold territory, indicating that a short-term bounce could be on the horizon if the stock holds support.

➤ Historically, the RSI for IDFC First Bank has reversed higher from levels near 30-35.

🔹 EMA Analysis:

➤ EMA 25: ₹68.32 (Above CMP, acting as immediate resistance).

➤ EMA 50: ₹71.98 (Above CMP, reinforcing bearish sentiment).

➤ EMA 200: ₹65.17 (Below CMP, providing strong long-term support).

➤ EMA alignment (25 < 50 > 200) suggests short-term bearish momentum within a long-term bullish framework.

🔹 Verdict:

🔹 Trend: Short-term bearish, long-term bullish.

➤ The trendline retest at ₹58 - ₹60 will be critical for sustaining the long-term bullish structure.

➤ A breakdown below ₹58 could lead to further downside toward ₹50 - ₹55.

➤ Recovery above ₹65 is needed to regain bullish momentum and move toward ₹75.