IFCI (Rs 22.6): IFCI recorded a low of Rs 15.4 on October 27, 2008. This level was tested twice subsequently, in December 2008 and March 2009 but the stock held above Rs 15 on both the occasions. The current up-move faces short-term resistance at current levels. If this level is crossed, the next target would be Rs 26.5 and Rs 30. Reversal below Rs 30 can result in the stock vacillating in the band between Rs 15 and Rs 30 for a few more months.
The medium-term view will turn positive only on a weekly close above Rs 30. Break-out above this resistance will take IFCI to the band between Rs 37 and Rs 40.
Short-term investors can wait for a decline to Rs 21 or Rs 19 before buying the stock. Else buy on a strong move above Rs 24.