IIFL is bullish on Idea Cellular and has recommended buy rating on the stock with a target price of Rs 94 in its January 24, 2012 research report.
"Idea Cellular has been showing resilience in last 3-4 weeks with low of Rs 77-80 holding firmly. Also, the support level coincides with 200-DMA. Generally, the stock tends to collapse once it breaks below this critical moving average. However, Idea is consolidating around its 200-DMA. We believe consolidation above this DMA could lead to a strong rally in the counter. Yesterday's 4% pullback from 200-DMA is well accompanied with impressive volumes. We recommend buying Idea above Rs 88 with SL of Rs 85 for target of Rs 94 (Duration 5 days)," says IIFL research report.
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