Investors with a short-term perspective can consider going long on Idea Cellular. The stock surged 2.5 per cent on Wednesday. The stock was consolidating in a sideways range between ₹148 and ₹152.5 for more than a week. Wednesday’s sharp rise has broken this range decisively on the upside and has turned the outlook bullish. A series of supports exist for the stock at ₹152.5 — the resistance-turned-support level — then at ₹151.5 and further at ₹150. Although there is some resistance at ₹155.3, it looks vulnerable. A strong break above this level can take the stock to ₹157 — the 55-day moving average resistance level.
Traders with a short-term perspective can go long on this stock. Stop-loss can be placed at ₹151 for a target of ₹157. The short-term outlook will turn bearish for the stock only if it records a strong close below ₹149. But such a sharp fall looks unlikely at the moment.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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