Top trending stock: This banking stock jumped four percent as soon as the new year started, had jumped 20% last year – idfc first bank soared over four percent amid strong buying sentiment

Mumbai: IDFC First Bank is a private sector bank with presence in treasury, corporate, wholesale and retail banking. It has a market cap of around Rs 38,000 crore and is one of the fastest growing players in the banking sector. The first trading day of the new year was excellent for this bank. Due to the buying sentiment, its shares saw a gain of more than four per cent in the first hour of the trading session itself. Technically, the stock has seen a V-shaped recovery in the technical charts and has gained more than 20% in last six trading days. Its volume is above average and above 10 day and 30 day average volume.

The stock is currently trading above all moving averages and showing bullish momentum in all time frames. Its MACD is indicating a bullish crossover while its 14-day period RSI (60.23) has entered the bullish territory. All these signals are giving technically positive signals. Interestingly, the longer timeframes also show the same picture. It is showing strong buying interest from July 2022 itself. The stock is trading at 52 week high. It had gained 20 per cent last year and outperformed the broader market. The momentum is strong and traders should not miss this opportunity.

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