Vodafone Idea Ltd (NSE: IDEA) share is in continuous discussion. The share of the company saw an increase of 2.51 % on Wednesday.
The share of the company had hit an intraday high of 13.75 rupees on the 11th of September. However, before that, it was witnessing a steady decline.
The share of telecom giant Vodafone Idea Ltd saw a steady decrease after a major brokerage firm resold an investment grade on the company.
Let us inform you that the international brokerage firm had announced an estimate of 2.5 rupees on this stock in the early part of this week, and also suggested the possibility of a drop of up to 83 %.
The share of the company fell as much as 14% during the intraday trading. The stock has dropped 16 percent over the last month and by 22.41% to date this year.
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Aditya Birla Group Increased Its Stake
As per official records, Aditya Birla Group’s investor and another major investor have purchased Vodafone Idea Ltd share.
The investor of Aditya Birla Group purchased 1.86 crore shares of Vodafone Idea Ltd on September 6 Then, Pilani Investment bought 30 lakh shares the following day.
We will tell you that the 6th of September is the same day on which the world’s one of largest brokerage companies issued a report, giving a “sell” rating to Vodafone Idea Ltd share, and maintaining a price target in the range of 2.5 in the company’s stock.
The Shares Of The Business
Vodafone Idea Ltd stock is trading lower than its longer-term (200-DMA) daily moving average during the 4th trading session in a row in 14 months.
It is lower than other moving averages that are important, such as 20- DMA 50- DMA, and 100-DMA.
In this situation, it is believed to be at present negative. Daily the stock is trying to retrace its losses following the sharp drop last week.
The stock is trading in the Bollinger Band and can now be expected to find some support at the mark of 13.20 rupees.
Similar to the weekly chart, it illustrates the solid resistance for the share in the region of the price of 12.20 rupees which is also known as an upper limit of the trend.
If the market continues to fall below this point could result in a fall towards 200-WMA (weekly moving average) which is 10.50 rupees. The support is likely to be in the region of 11.10 rupees.
Quick Fact
| Company name | Vodafone Idea |
|---|---|
| Share increase | 2.51% on Wednesday |
| Intraday high | ₹13.75 on 11th September |
| Recent decline | After major brokerage firm downgrade |
| Potential decline percentage | 83% |
| Intraday drop | 14% |
| Monthly drop | 16% |
| Year-to-date drop | 22.41% |
| Major investors | Aditya Birla Group and Pilani Investment |
| Aditya Birla purchase | 1.86 crore shares on 6th September |
| Pilani Investment purchase | 30 lakh shares on 7th September |
| Brokerage rating | “Sell” |
| Possible target price range | ₹2.5 |
| 200-DMA trend | Below 200-DMA for 4 sessions in 14 months |
| Moving averages status | Below 20-DMA, 50-DMA, 100-DMA |
| Current trading condition | Negative |
| Bollinger Band support | Around ₹13.20 |
| Weekly resistance level | Around ₹12.20 |
| Potential fall point | 200-WMA at ₹10.50 |
| Weekly support level | Around ₹11.10 |
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