In the last six months, the shares of IDFC First Bank are one of those banking stocks on Dalal Street that have delivered a whopping return to its shareholders. The interest rate is rising as per the expectation in corporate business. The bank has customised credit card business on online lending, establishing private lenders as one of the emerging ‘Gen-X Bank’ in the Indian market.

As per the experts, the stock market added that IDFC First Bank shares had given a breakout at Rs 45 per share and in the recent trade in Rs 45 to Rs 60 range. Once it breaches Rs 60 hurdle, it may go up to Rs 70 per share.

However, the stock has formed a ‘higher high higher low’ pattern on the chart that signals more sharp upside move after sustaining more than Rs 70 per share. Additionally, IDFC Bank’s share price maintains more than Rs 70 and banking stock is to hit a digit figure in short to medium term by the end of 2023. IDFC First Bank share price jumps Rs 120 per share.

Manoj Dalmia said, “The stock is facing a strong hurdle at Rs 70 per share. Once it breaks above Rs 70 on a closing basis, we may witness IDFC First Bank shares hitting triple-digit figures quickly.”

After this year, IDFC First Bank shares remained under sell-off heat till July 2022. However, from the last week of July, the banking stock went up, which remains the same. In the previous six months, IDFC First Bank’s share price has surged from around Rs 31.50 to Rs 60 apiece levels, delivering more than 85% return to its shareholders. However, the stock is still undervalued as it has given a mere 20% return year-to-date (YTD).