The short-term outlook is bullish for IIFL Finance. The stock has begun the week strongly by surging over 6 per cent on Monday. This has taken the share price well above the key trend resistance level of ₹526. We can now expect this level of ₹526 to act as good support and limit the downside. IIFL Finance’s share price can initially rally to ₹610-615 over the next two to three weeks. Thereafter the upside can extend even up to ₹640 in a month or two. Traders can go long now. Accumulate on dips at ₹530. Keep the stop-loss at ₹505. Trail the stop-loss up to ₹555 as soon as the stock moves up to ₹570. Move the stop-loss to ₹575 when the stock price touches ₹585. Exit the long positions at ₹605.
Read: IIFL Finance NCDs offer up to 9% coupon: Should you invest?
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)