Exit Idea Cellular, says Phani Sekhar

One can exit Idea Cellular and get into maybe an Axis Bank or ICICI Bank on declines, says Phani Sekhar of Angel Broking.

Sekhar told CNBC-TV18, "Idea Cellular is in a better position than Bharti Airtel. It will be a good idea to switch from Idea to maybe any private bank because then there the margin of outperformance will be better. So, it is a good idea to sell Idea and get into maybe an Axis Bank or ICICI Bank however on declines.”
At 15:21 hrs Idea Cellular was quoting at Rs 118.20, up Rs 4.40, or 3.87%. It has touched an intraday high of Rs 118.85 and an intraday low of Rs 113.50.
The share touched its 52-week high Rs 124 and 52-week low Rs 71.20 on 16 January, 2013 and 24 April, 2012, respectively. Currently, it is trading 4.68% below its 52-week high and 66.01% above its 52-week low. Market capitalisation stands at Rs 39,157.60 crore.