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Voda Idea can slide another 44%, if this support is broken; hints chart
Source: Business Standard
Shares of Voda Idea have plunged almost 25 per cent to a low of Rs 9.70 in just two trading sessions post the adverse Supreme Court ruling.
The Supreme Court on Thursday rejected curative petitions seeking a review of its 2019 judgment on adjusted gross revenues (AGR) payable by telecom firms.
The curative petitions had been put up by the telcos as a last legal resort to reduce their burden of Rs 1.43 trillion in AGR, which was based on a subsequent judgment in 2020. Of this, nearly 75 per cent comprised interest, penalties, and interest on penalties.
Voda Idea
Current Price: 10.30
Downside Risk: 43.7%
Support: Rs 10.40; Rs 9.10
Resistance: Rs 10.60; Rs 11.10
Technically, Voda Idea stock has broken support at the key moving averages on the daily and the weekly scale. At present, the stock is seen testing support at its 50-MMA (Monthly Moving Average) at Rs 10.40 levels; below which the next key support stands at Rs 9.10.
ALSO READ: As PSBs put Voda Idea loan on hold, will the stock drop below Rs 10?
Having said that, break and sustained trade below Rs 9.10; shall open the doors for the sustained decline towards Rs 5.80, wherein stands the lower-end of the Bollinger Bands on the monthly scale.
Going ahead, the short-term bias for Voda Idea is likely to remain bearish as long as the stock trades below Rs 10.60. On the weekly scale, the long-term averages – 100-WMA (Weekly Moving Average) and the 200-WMA stand at Rs 11.10 and Rs 10.50, respectively. The stock will need to conquer these hurdles in order to revive hopes of any meaningful pullback at the counter.
First Published: Sep 20 2024 | 11:49 AM IST
