IDFC First Bank // 4hour Support and Resistance

📈 4-Hour Support & Resistance Levels
Based on recent intraday analysis, the key support and resistance levels for IDFCFIRSTB on a 4-hour chart are:​

Support Levels:
₹59.89 (S1)
₹59.15 (S2)
₹58.17 (S3)​

Resistance Levels:

₹61.61

₹62.59

₹63.33

These levels are derived from the recent price action and can serve as potential entry or exit points for intraday traders. ​

🔍 Technical Indicators Overview
Relative Strength Index (RSI): Currently at 39.67, indicating a potential oversold condition and possible reversal if the price holds above key support levels. ​

Moving Averages:

20-day EMA: ₹56.78

50-day EMA: ₹58.88

100-day EMA: ₹61.87

200-day EMA: ₹66.42​


The current price is below these moving averages, suggesting a bearish short-term trend. ​

Average True Range (ATR): 1.92, indicating moderate volatility. ​

📊 Chart Analysis
Recent chart patterns suggest that IDFCFIRSTB has completed a complex correction pattern labeled as a triple zigzag (w-x-y-x-z-w) on the 4-hour chart. The price has recently breached below the 20/50/100/200 exponential moving average band, indicating a bearish trend.

✅ Trading Strategy
Bullish Scenario: A break above ₹61.61 (R1) with sustained momentum could lead to a rally towards ₹62.59 (R2) and ₹63.33 (R3).​

Bearish Scenario: A drop below ₹59.89 (S1) may accelerate the decline towards ₹58.17 (S3).​

It's advisable to monitor volume and candlestick patterns for confirmation of breakout or breakdown.​