Vodafone Idea shares hit fresh one-year high, stock up 39% in two sessions; key tech levels to watch

Shares of Vodafone Idea Ltd welcomed calendar year 2024 on a fantastic note. The stock extended its sharp upward run for the second straight session in Monday's trade. It jumped 14.98 per cent to scale a one-year high of Rs 18.42. At this price, the scrip has gained 39.12 per cent in just two trading days. The multibagger counter has zoomed 223.16 per cent from its one-year low price of Rs 5.70, a level seen on March 31 last year.

The scrip saw heavy trading volumes today as 20.22 crore shares were seen changing hands on BSE. The figure was way more than the two-week average volume of 8.01 crore shares. Turnover on the counter came at Rs 350.63 crore, commanding a market capitalisation (m-cap) of Rs 83,875.10 crore. There were 1,64,69,113 sell orders against buy orders of 60,29,542 shares.

In November 2023, Voda 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 VIL CEO stated during an earnings call.

On the technical front, the stock may find resistance at Rs 19, followed by Rs, 20, Rs 21 and Rs 21.5 levels. Support could be seen at the Rs 15-16.45 zone.

"On weekly charts, the stock has formed a rounding bottom breakout with good volume, indicating strong bullish momentum. The stock maintains a robust support zone within the range of Rs 13-12.5 levels. On the upside, Rs 21.5 represent a formidable resistance. A successful breach of this level could potentially propel the stock towards Rs 30. It is advisable to maintain the stock with a trailing stop-loss set at Rs 15.5. As market conditions can evolve, staying informed and adaptable is crucial for making informed investment decisions," said Mandar Bhojane, Equity Research Analyst at Choice Broking.

"Support will be at Rs 15 and resistance at Rs 19. Expected trading range will be between Rs 14 and Rs 22 for a month," said Jigar S Patel, Senior Manager - Technical Research Analyst at Anand Rathi Shares and Stock Brokers.

"Vodafone Idea is bullish on the daily charts with next resistance at Rs 21. Investors should book profits at current levels as a daily close below support of Rs 16.45 could lead to Rs 12.7 in the near term," said AR Ramachandran from Tips2trades.

"The stock has resistance around Rs 20. Support will be at Rs 15," said DRS Finvest founder Ravi Singh.

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 78.59. 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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