IDEA

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I have bought shares of Idea at Rs 78 con­sid­er­ing that the bot­tom is made. How­ever, the stock did not move up. What should I do?

EXIT IDEA CEL­LU­LAR BE­LOW RS 71.50

- Jayesh Jain Idea is cur­rently trad­ing at Rs 74.50. Its 52-week high/low stand at Rs 123.75/Rs 66 made on March 20, 2017 and Novem­ber 9, 2016, re­spec­tively. The stock had given a down­ward slop­ing trend line break­out at the end of Jan­uary 2017 and hit 52-week high, but it has been trad­ing in a neg­a­tive trend there­after. Cur­rently the stock is trad­ing at the ex­tended trend­line sup­port level, the break­down of which at Rs 71.50 level can drag the stock down to Rs 66 level. Higher vol­umes with fall­ing prices has cre­ated some pes­simism in the stock. The 14-pe­riod RSI is ly­ing at 31 level which is near the over­sold zone. Over­all, we sug­gest you to hold and exit be­low Rs 71.50 on a clos­ing ba­sis.

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