IDBI: 96 above 88
Key levels 83.2 breakout 88.4/93.5 res
Target 96-99-100-110
narrow Sl=83.2 on closing basis
Wide sl = 80
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IDBI has also proposed to raise 1 Billion USD.
It seems IDBI is slowly catching the momentum like IFCI. We expect IDBI will be a fit case of FII investment with turnaround in sight. As on March 31, 07 IDBI has positive Net worth and any recovery on account of NPA like M/s SPIC, M/s Kusum Ingot,M/s Triveni Glass M/s Prag Bosimi etc will add to the bottom line of IDBI.
Long-term investors should remain invested in IDBI with a one-year price target of Rs 150.
Thanks & Regards,
Shailesh
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