Idea Cellular preferred pick: Siddharth Bhamre

Siddharth Bhamre of Angel Broking told CNBC-TV18, "Telecom sector has been doing good including Reliance Communications. However, it is only Idea Cellular which has seen formation of long positions. Bharti Airtel has gone up mainly because of short covering and now we are seeing around Rs 425-430 that the stock is taking resistance."

"If I want to continue to hold on to long positions in telecom space then Idea is the preferred stock. It is seeing some resistance around Rs 205-210. However, I see less downside in Idea compared to Bharti Airtel and Reliance Communications from current level. So, Idea Cellular would be the preferred pick in this space,' he said.