Anil Manghnani's view on Idea Cellular

Manghnani told CNBC-TV18, " Bharti Airtel is bounced back above the Rs 319; Rs 319 was the key support that it wouldn’t break right through last year, every time it bounced off that. So, having traded below that that gives me a little worrying sign. But as long as still if it’s holding Rs 319 fair enough but anything below Rs 319 it opens up another downside of Rs 290, so a little worrying on Bharti."

He further added, "Idea I guess now you could probably be say in hindsight that the amount of time it spent around that Rs 100 or Rs 95 mark probably looks like a distribution pattern on the charts and now you are seeing the effect of it. The key level I think for Idea even on the downside would be somewhere between Rs 83 and Rs 77. That’s where the bulk of the support is. So even if were to continue the downside I think you need to watch out for that range and unless that range doesn’t get taken out it will probably still be a buy at the lower end."