See further upside in Idea, buy it around Rs 161-163: Gupta

Amit Gupta, Head of Derivatives at ICICI Direct told CNBC-TV18, "Idea Cellular is one of those stocks which continuously see long formation in the market and whenever it is falling by 5-6 percent that is an opportunity to buy. If you look at the 50 days moving average in the stock it was placed around Rs 155 recently, it hit that level and we saw that cash delivery also was picking up and in Futures also the open interest was continuously building up. I think that was a long formation, the stock has participated well after that, it moved up towards Rs 162-163. I think there is further steam left."

He further added, "If you look at the open interest left in the near month and only two days are left for this series, but it is still higher. So whosoever has tried to go short in the stock, I think those weaker hands will exit the stock because market is somehow finding support around 5900 and in that case you will see the stock moving further towards Rs 170 beyond levels. So I will remain positive in this stock, I will buy it around Rs 161-163 and I will keep my stop loss around Rs 156."