IIFL is bullish on Idea Cellular and has recommended to buy the stock above Rs 109 with a stop loss of Rs 106 for a target price of Rs 115, in its March 26, 2013 research report.
"Idea Cellular on the daily has bounced back after entering into multiple support zone of Rs1,05-106, coinciding with the support of 100-DMA. The RSI has also entered into an oversold terrain. The volumes in current decline from the peak of Rs120 remains lower and prices could see major reversal after the levels of Rs109. Moreover, formation of falling wedge pattern suggests that downward momentum is likely to end in near term. (Duration 5 days)," says IIFL research report.
Institutional holding more than 40% in Indian cos
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