IDEA

I have bought shares of Idea at Rs 77.10, but it re­sisted at the same lev­els and turned. What do I do now? - Ra­jeshku­mar Par­mar

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EXIT IDEA AT CMP

Idea is cur­rently trad­ing at Rs 75.55. Its 52-week high/low stand at Rs 123.75/Rs 66 made on March 20, 2017 and Novem­ber 9, 2016, re­spec­tively. The stock has been trad­ing with lower tops and lower bot­toms since April 2015. Con­sid­er­ing the daily time frame, the stock has formed a kind of head & shoul­ders pat­tern, though on the down­side. The stock is trail­ing at the neck­line level,and hence, if it breaks Rs 74.80-74 lev­els, it may test Rs 67-66 lev­els in the medium term. The vol­umes are low and the 14-pe­riod RSI is near­ing over­sold zone. Hence, we sug­gest you to hold and wait for a slight bounce and exit the stock below Rs 74.50-74 lev­els on a clos­ing ba­sis.

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