Buy Idea Cellular on dips, says Kulkarni

Idea Cellular is looking good in telecom space so one can buy the stock on dips, says Shardul Kulkarni of Angel Broking.

Kulkarni told CNBC-TV18, "I think considering what is the chart pattern as well as the candlestick pattern seen at this point, I would say that it is best to book profits in Idea Cellular. We had great set of results from the company, but I would look at booking profits and moving out. Because if the stock closes at this price then one will see a reversal pattern placed on the daily chart plus one is not getting a closing above important crucial resistance of Rs 125 in case of Idea." He further added, "It is very important if one look at Idea from a perspective that we have already seen a strong rally, after that the company has given results after that there is some bit of profit taking from the day’s high. I would look at some more profit taking over the next few trading sessions in case of Idea. The stock does remain a buy on declines and it is the best stock in the telecom space, but look at decline to buy, not at current levels." Disclosure: It is possible that we have positions in the stocks discussed and recommended them to our clients.