Vodafone Idea shares up over 100% in six months; here's what tech analysts say

Vodafone Idea Ltd shares continued their upward move for the sixth straight session on Friday. The stock jumped 4.51 per cent to hit a 52-week high of Rs 14.37. At this price, the scrip has gained 107.36 per cent in the past six months when it was seen trading at Rs 6.93 on May 3, 2023. That said, the counter has recovered 152.11 per cent from its one-year low price of Rs 5.70, a level seen on March 31 this year.

On BSE, around 11.60 crore shares changed hands today at the time of writing this story. The figure was higher than the two-week average volume of 8.50 crore shares. Turnover on the counter stood at Rs 161.35 crore, commanding a market capitalisation (m-cap) of Rs 67,518.73 crore. There were 1,55,19,339 sell orders against buy orders of 42,58,699 shares.

Vodafone Idea CEO Akshaya Moondra recently said that the funding-related discussions are currently progressing. "We should be able to conclude these discussions in this quarter," the chief executive mentioned during an earnings call.

On technical setup, support on the counter could be seen at Rs 13.60, followed by Rs 12.50 level.

Osho Krishan, Senior Research Analyst - Technical & Derivatives at Angel One, said, "The stock has seen a strong spurt in the recent period and has also witnessed a pattern breakout on the daily time frame. In the current week, the counter soared nearly 30 per cent and may attract some cool-off as it reached near the resistance zone of Rs 15-16 zone. On the lower end, the immediate support is placed around the neckline of the breakout Rs 12.50-12-odd zone and is likely to attract buying traction around the same. Hence, it is advisable to have a pragmatic approach keeping the aforementioned levels in the comparable period."

Jigar S Patel, Senior Manager - Technical Research Analyst at Anand Rathi Shares and Stock Brokers, said, "In the last six trading sessions, the stock has gained momentum after hitting a low of Rs 10.50. On weekly charts, it is above 200-EMA (Exponential Moving Average) and the bullish bias could continue. As we advance, Rs 12.50 will be a credible support zone and resistance may be seen near Rs 16.80 (which is its December 10, 2021 high level)."

AR Ramachandran from Tips2trades said, "Vodafone Idea is overbought and bearish on daily charts. The stock has immediate resistance around Rs 14.35 level. A daily close below support of Rs 13.60 could lead to target of Rs 11.80 in the near term."

DRS Finvest founder Ravi Singh said the stock may touch Rs 15.50 in the near term. Keep stop loss placed at Rs 12.50, Singh added.

On technical setup, the counter was last seen trading higher than the 5-day, 10-, 20-, 30-, 50-, 100-, 150-, 200-day simple moving averages (SMAs). The counter's 14-day relative strength index (RSI) came at 71.73. A level below 30 is defined as oversold while a value above 70 is considered overbought.

The scrip has a one-year beta of 1.14, indicating high volatility.

As of September quarter, promoters held 50.36 per cent stake in the telecom operator.

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

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