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We recommend a buy in Idea Cellular at current levels. Since its listing on March 9, the stock has been trending up by forming higher peaks and higher troughs. After marking its life-time high of Rs 135 in late July, the stock declined. However, the stock found support at the 61.8-per cent Fibonacci retracement of its prior uptrend. The stock reversed from this level and is trading near the resistance level of Rs 135. Immediate support for the stock is at Rs 120 and the subsequent support is present at Rs 110. The daily Relative Strength Index (RSI) is featuring in the bullish region. We expect it to make a new all-time high and move up Rs 150 in the short term, with a minor pause at Rs 135. Short-term investors can buy the stock at current levels with a stop at Rs 125.

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