Idea Cellular: Buy at CMP 80.05
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.
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Other Articles
- Idea Cellular Q4FY13: Revenue up 8.7% QoQ and 12.9% YoY
- Idea Cellular: Active subscriber market share of 16.5%
- Idea reports strong gross revenue of Rs60.95 bn during Q4FY13
- Idea Cellular: Net profit to grow 16% q-o-q to Rs2.66b in Q4
- Idea Cellular: Wireless traffic momentum to sustain
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24th May 2013 | 08:53 am
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24th May 2013 | 08:53 am
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