Buzzing stocks-idea tumbled 6% now 86.5 critical support

Idea stock technical analysis on 15th may 2017

Idea stock technical analysis on 15th may 2017

Idea Cellular Ltd stock today tumbled by 6% plus on bad quarterly results. Stock was in good uptrend and after breakout above 86.5 hit may swing targets of 88-91 and 93. But news flows triggered sudden profit booking and now stock at square one.   Technically, idea stock above 86.5 remain bullish and buy but today fall was significant and expect below 86.5 stock might test downside 83 to 81 and might be trend lower towards 78-76 rupee zones. if hold 86.5 for 1-2 trading session then that will be best buying opportunity with price targets 88-91 and 93+.   Future traders below 86.5 can go short for short term targets up to 83 and then 81. While option traders below 86.5 can buy and accumulate in the money stock options for quick money.   From investment point of view, idea below 93.5 on weekly closing basis remain avoid or long term sell with price target of 45 rupees.

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Pramod Baviskar

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