Vodafone Idea shares jump 7% today; key technical levels to watch

Shares of Vodafone Idea Ltd today jumped 9.84 per cent to touch an intraday high of Rs 11.95. The stock eventually settled with 7.08 per cent gains, at Rs 11.65, against a previous close of Rs 10.88. At today's closing price of Rs 11.65, the scrip was down 6.43 per cent from its 52-week high of Rs 12.45, a level seen on September 27, 2023. Although, it has turned into a multibagger by rising 109.65 per cent when compared to a one-year low price of Rs 5.70, hit on March 31 this year.

On BSE, around 7.08 crore shares changed hands today. The figure was higher than the two-week average volume of 4.27 crore shares. Turnover on the counter came at Rs 81.57 crore, commanding a market capitalisation (m-cap) of Rs 56,711.84 crore.

Technical analysts said the counter has support around Rs 10.50-10.55 levels. Resistance could be seen between Rs 12.50 and Rs 12.55. A few analysts believe Voda Idea may see higher targets of up to Rs 16.50 only after successfully breaching the said resistance levels.

Rs 12.50 level should be seen as immediate hurdle, said Sameet Chavan, Head Research - Technical and Derivatives at Angel One. On the flipside, support is visible around Rs 10.50, he added.

Vodafone Idea has strong support at Rs 10.55, AR Ramachandran from Tips2trades said. A daily close above resistance of Rs 12.55 could lead to target of Rs 13.8 in the near term, Ramachandran further stated.

The stock has support near Rs 10.55, said Vaishali Parekh, Vice-President - Technical Research at Prabhudas Lilladher. A decisive breach above Rs 12.50 is required to confirm a breakout and anticipate a further rise with expected higher targets between Rs 14 and Rs 16.50 levels, she mentioned.

The stock may touch Rs 12.50 in the near term, DRS Finvest founder Ravi Singh suggested.

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 55.70. A level below 30 is defined as oversold while a value above 70 is considered overbought.

The scrip has a one-year beta of 1.08, 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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