IDFC First Bank shares rise 85% in 6 months. Expert predict 100% return in 2023

Stock market experts went on to add that IDFC First Bank shares have given breakout at ₹45 apiece levels and it is currently trading in ₹45 to ₹60 range. Once it breaches ₹60 hurdle, it may go up to ₹70 apiece levels. However, the stock has formed ‘higher high higher low’ pattern on chart that signals more sharp upside move after sustaining above ₹70 apiece levels. Market experts went on to add that once IDFC Bank share price sustains above ₹70, we may witness the banking stock to hit triple digit figure in short to medium term and by end of 2023, IDFC First Bank share price might hit ₹120 apiece levels.

Speaking on the reason for being bullish on IDFC First Bank shares, Anuj Gupta, Vice President — Research at IIFL Securities said, “Due to hawkish interest rate regime, like any other Indian bank, IDFC Bank is expected to benefit from rise in its retail banking business. Apart from this, it has exposure in corporate funding as well. After ease in dollar index, corporates are expected to look at local lending sources as overseas lending has become dearer. So, IDFC First Bank is expected to benefit on both retail and corporate banking front and hence market is expecting sharp improvement in its margins in upcoming quarterly numbers.”

Giving ‘portfolio stock’ tag to IDFC First Bank shares, Manoj Dalmia, Founder & Director at Proficient Equities said, “IDFC First Bank is one of those Indian banks that has remained focussed on online banking business. Its customised credit card idea has helped develop a loyal customer base across age group millennials. However, its online retail lending has made huge upside growth that signals that the bank is one of the most prefered banking stop for Generation X.”

Manoj Dalmia went on to add that positional investors can buy this stock at current levels and hold it for 2-3 years citing, “The stock is facing strong hurdle at ₹70 apiece levels. Once it gives breakout above ₹70 on closing basis, we may witness IDFC First Bank shares hitting triple digit figure in quick time.” He advised investors to wait for some correction and buy around ₹55 to ₹50 range in bulk.

Speaking on IDFC First Bank share price outlook, Sumeet Bagadia, Executive Director at Choice Broking said, “IDFC First Bank shares have formed higher high higher low pattern on chart that signals uptrend for short to medium term and one can expect the stock to go up to ₹70 and ₹85 respective in short to medium term.”

However, Anuj Gupta of IIFL Securities advised positional investors to hold IDFC First Bank for long term citing, “IDFC First Bank shares have given trendline breakout followed by the bullish candle stick pattern. As per the breakout calculation it may test ₹100 to ₹120 level in next 6 to 12 months.”

IDFC First Bank share price history

After ushering in 2022, IDFC First Bank shares remained under sell off heat till July 2022. However, from last week of July, the banking stock picked upside momentum that has remained maintained till date. In last six months, IDFC First Bank share price has surged from around ₹31.50 to ₹60 apiece levels, delivering more than 85 per cent return to its shareholders. However, the stock is still undervalued as it has delivered mere 20 per cent return in year-to-date (YTD) time.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.