IIFL is bullish on Idea Cellular and has recommended buy rating on the stock with a target price of Rs 103 in its November 15, 2011 research report.
"Idea Cellular has done pretty much nothing in last three weeks, besides moving in a trading band between Rs 92-98. On Monday, the stock made an attempt to cross above the upper end of the trading range. A move above Rs98 would lead to a breakout from the rangebound trading pattern. Our view is further validated after the stock gave a close above the cluster of moving averages. If the stock holds up above the levels of Rs 100 today, it can post huge upside in the coming trading sessions. We recommend high risk traders to buy the stock above Rs 98 for target of Rs 103. Maintain a strict stop loss of Rs 95.50," says IIFL research report.
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