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We recommend a buy in the stock of Idea Cellular from a short-term horizon. After testing key support at Rs 74 in early August this year, the stock started to trend northwards.
Since then, it has been on a medium-term uptrend. Short-term trend has been up for the stock from mid-October.
On Thursday, the stock surged 3.7 per cent decisively breaking through a key resistance band between Rs 86 and Rs 88.
There is an increase in volume in the past two trading session. The daily relative strength index is featuring in the bullish zone and weekly RSI has just entered this zone from the neutral region.
We are bullish on the stock from a short-term perspective.
We anticipate its rally to prolong and hit our price target of Rs 94.5 or Rs 96.5 in the forthcoming trading sessions.
Traders with short-term perspective can consider buying the stock with stop-loss at Rs 89.
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