As can be see from the chart above, Idea Cellular has been taking support from the upward black trendline drawn on the chart above for last 3 years.
Going by the count of the number of times it had taken support from this trendline, it has taken support at this trendline 4 times in last 3 years, and according to the theory this enhances the importance of this trendline.
This stock made its all time high at Rs161 in month of October 2007 and if HDFC sec take 55% of it (which is a important Fibonacci number) it comes to Rs72 and in last few trading sessions accumulation is witnessed at this level.
The 9-day MACD had started trading above its moving average, which is a bullish indication. The 14-day RSI had started trading above its moving average and which is good signal. The 10 day ROC had started trading above ‘0’ level and which is a positive sign.
Buy Idea Cellular between of Rs80 and Rs76 for a price target of Rs87 in 10 days keep stop loss of Rs74 on the closing basis.
Click here to read the full report
HDFC Securities a trusted financial service provider promoted by HDFC Bank and JP Morgan Partners and their associates, is a leading stock broking company in the country, serving a diverse customer base of institutional and retail investors. HDFCsec.com provides investors a robust platform to trade in Equities in NSE and BSE , and derivatives in NSE. Our website will support you with the highest standards of service, convenience and hassle-free trading tools.
For more information please write in to firstname.lastname@example.org
Disclaimer: The author has taken due care and caution to compile and analyse the data. The opinions expressed above are only the views of the author, and not a recommendation to buy or sell. Neither the author nor IndiaNotes.com accept any liability whatsoever arising from the use of any of the above contents.
- Idea Cellular: Buy for a medium to long term investment
- Short-term Technical Pick: Sell Idea Cellular between CMP & Rs155
- Q3FY15 Results: Idea Cellular continues with its strong operational performance
- Idea Cellular: Strong Q3 numbers as expected; all eyes on upcoming spectrum auction
- Idea Celluar: Buy for a target of Rs210 with medium to long term horizon
Have a question?
Also On IndiaNotes.Com
- Eight personal finance tips if you just started earning
- Wallet stolen? Here's how you can get back on your feet
- Stock Recommendation: Accumulate D-Link with a target price of Rs195
- Cipla: Limited upside; Rating downgraded to neutral