IDBI weekly chart attached shows some interesting observations and patterns within patterns. Stock price crossed its 5 year high of 65 in second week of August and with recent correction in overall markets, has corrected and is now retesting the breakout zone of a smaller time frame inverted head and shoulders pattern at around 60-61.
Fundamentally it has been reporting very good numbers since past 2 quarters, with improvement in loan book, NPA, profits, PCR etc.
Govt and LIC together hold 94% stake and this has always been a candidate for divestment, but for one or another reason divestment keeps getting delayed.
disc: invested as a techno funda buy with a small allocation. Not a recommendation to buy/sell.
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