Company profile: Idea Cellular Limited offers cellular services, SMS services, and mobile communication devices.
As long as the current pull back manages to hold around the major support zone 104<>102 the outlook is friendly and buying can be done. Long-term resistance lies as high as 147.90 (all-time-highs of 2007) which is fairly close to the 262% extension level at 162.45. In any case, good potential with major support nearby. Do not allow for a move below 94.55 (MA200) since this will cancel the uptrend and buying opportunities.
Interestingly, Idea is a big outperformer versus the Nifty as well as the global Telecommunications sector. Especially versus Europe where the sector is a big mess.
- Primary trend: positive
- Outlook: correction in uptrend, buy dips
- Support: 104 / 102.65 / 94.55-
- Resistance: 123.50 / 147.90 / 162.45*
Weekly chart Idea Cellular (NSE)