Vodafone Idea shares zoom 23% to hit fresh one-year high; here's what analysts say

Shares of Vodafone Idea Ltd rose sharply in Friday's trade to scale their fresh one-year high level. In the last trading session of calendar year 2023, the stock rallied 22.51 per cent to hit a 52-week high of Rs 16.22 over its previous close of Rs 13.24. The multibagger counter has gained more than 100 per cent on a year-to-date (YTD) basis.

The scrip saw heavy trading volumes today as 25.93 crore shares were seen changing hands on BSE. The figure was way more than the two-week average volume of 5.28 crore shares. Turnover on the counter came at Rs 386.63 crore, commanding a market capitalisation (m-cap) of Rs 77,984.86 crore. There were 6,69,21,352 buy orders against sell orders of 87,40,345 shares.

Last month, Vodafone Idea chief executive Akshaya Moondra had mentioned that funding-related discussions were in progress. "We should be able to conclude these discussions in this quarter," the chief executive stated during an earnings call.

On technical setup, immediate support on the counter could be seen near Rs 14 level. On the higher side, resistance may be found around Rs 17.

Jigar S Patel, Senior Manager - Technical Research Analyst at Anand Rathi Shares and Stock Brokers, said, "Support will be at Rs 14 and resistance at Rs 17. Expected trading range will be between Rs 12 and Rs 20 for a month."

AR Ramachandran from Tips2trades said, "Vodafone Idea is bullish on daily charts with next resistance at Rs 16.3. Investors should book profits at current levels as a daily close below support of Rs 14.9 could lead to Rs 12 in the near term."

DRS Finvest founder Ravi Singh said, "The stock has resistance at the Rs 17 zone. Major support will be at Rs 12."

The counter was trading higher than the 5-day, 10-, 20-, 30-, 50-, 100-, 150- and 200-day simple moving averages (SMAs). The counter's 14-day relative strength index (RSI) came at 72.01. A level below 30 is defined as oversold while a value above 70 is considered overbought.

As of September 2023, promoters held 50.36 per cent stake in the company.

(Disclaimer: Business Today provides stock market news for informational purposes only and that should not be construed as investment advice. Readers are encouraged to consult a qualified financial advisor before making any investment decisions.)

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