1) Idfc, govt backed infrastructure financing organization, has been correcting from 158 Rs levels to 140 levels today.
2) This selling though, seem not stopped right now.
3) Derivatives data indicates fresh call writing in 140 and 150 strikes. 1 Lakh Shares in 140 call and 1.2 Lakh shares in 150 Call have been added. Premiums too have declined.
4) IDFC July Futures have too seen strong build up on short side. The July futures have been trading at the discount to June futures which indicate short build up.
5) On the charts as well, the stock has broken two key support levels (Ref chart below) which indicates strong resistance on the Rise.
6) Sell the stock on rise around 142-143 Rs levels with possible targets of 136 and then 131.
