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.