Sizzling Stocks: Idea Cellular (Rs 94.3); EIH (Rs 96) ::Business Line,

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Sizzling Stocks: Idea Cellular (Rs 94.3)

Idea Cellular has been on medium-term uptrend from its 52-week low of Rs 55 recorded in late February. The stock's uptrend got accelerated on July 22 after it penetrated its key resistance at Rs 80. The upward momentum has continued since, and saw the stock gain more than 10 per cent backed with good volumes last week. Next key hurdle for the stock is in the band between Rs 105 and Rs 110. Failure to move above this band will keep the stock hovering in the broad range between Rs 85 and Rs 110 over the medium-term. Emphatic move above Rs 110 will give a long-term target of Rs 125 and Rs 140 levels.

However, strong close below the significant long-term support at Rs 85 can pull the stock down to Rs 80 and then to Rs 70.

EIH (Rs 96)

Following a narrow sideways movement between Rs 80 and Rs 90 from this April, the stock zoomed 12.5 per cent on July 29, decisively breaking out of the narrow range. The volume accompanied was extraordinary (21 lakhs) on that session. The sudden spurt has helped the stock breach its 200-day moving average positioned around Rs 92. Over the week, the stock surged more than 11 per cent. Nevertheless, it is facing an important long-term resistance at Rs 100. Strong breakthrough of this level can lift the stock higher to Rs 115 and then to Rs 125 in the medium-term.

Reversal from the resistance at Rs 100 will pull the stock down to Rs 90-92 zone initially and then to Rs 85. Next key supports are pegged at Rs 80 and Rs 75