2 weeks Ago
Q2 results today: Ahead of the announcement of Q2 results 2024 on Saturday, IDFC First Bank's share price witnessed intense selling pressure last week. In the previous five straight sessions, IDFC First Bank share price nosedived from around ₹ 71.55 apiece on the NSE to ₹ 65.
57 per share, logging over 8 per cent weekly loss. According to stock market experts, IDFC First Bank's Q2 results for 2024 are expected to be strong, but its net profit may dip due to high provisioning. The bank's advances and deposits are expected to rise, but the net profit may dip both YoY and quarterly due to a rise in the provisions.
They said immediate support for IDFC First Bank shares is placed at ₹ 61, whereas immediate resistance is placed at ₹ 76. IDFC First Bank Q2 results 2024 preview On market estimates regarding IDFC First Bank's Q2 results 2024 , Axis Securities said, "IDFC First Bank's advances and deposit growth momentum is looking strong. The private lender's NII growth will remain healthy, and NIMs could see a slight moderation QoQ.
However, Asset Quality could witness slight deterioration due to appreciation in the credit cost during the July to September 2024 quarter." Axis Securities said that IDFC First Bank might report a 4.30 per cent rise in NII on a Q-o-Q basis, whereas the NII numbers may rise 24 per cent YoY in the July to September 2024 quarter.
The brokerage said that IDFC First Bank's provisions might increase by 15.40 per cent sequentially, whereas they may rise by around 117 per cent YoY. This rise in provisions may put the bank's net profit under pressure.
IDFC First Bank share price target Speaking on the outlook of IDFC First Bank shares, Sugandha Sachdeva, Founder of SS WealthStreet, said, “IDFC First Bank shares have immediate support placed at ₹ 61 whereas it is facing immediate hurdle at ₹ 76. On breaching below ₹ 61, we may see the scrip going down to ₹ 52 apiece level. Likewise, breaking above rs 76, IDFC First Bank's share price may touch the ₹ 84.
50 per share mark. So, IDFC First Bank shareholders are advised to hold the scrip, maintaining a stop loss at ₹ 61 apiece. Fresh investors are advised to wait for a breakout above ₹ 76 on a closing basis.
” Disclaimer: The views and recommendations above are those of individual analysts, experts, and brokerage firms, not Mint. We advise investors to consult certified experts before making any investment decisions..
