Sell Idea Cellular between Rs.147.70 & Rs.151. :: HDFC Securities

Please Share::

�� India Equity Research Reports, IPO and Stock News Visit http://indiaer.blogspot.com/ for complete details ��

��

-->
Current Observation:
 The attached weekly timeframe chart of Idea Cellular Ltd is indicating a bearish setup as per larger timeframe.
 We observe a negative sequence of lower tops and bottoms in the last couple of months and this week saw the stock
price made a fresh lower top around Rs.161 levels. Hence one may expect decline in the stock price for the next
couple of weeks to form a new lower bottom.
 The last two weeks candle pattern is also indicating another bearish pattern of ‘tweezer top’ (similar highs) around
Rs.161 levels. This could be considered as a top reversal pattern.
 Currently the stock price has placed at the edge of the immediate weekly support of ascending trend line around
Rs.145.00 and any slip below that support could lead to further weakness in the stock price.
 Negative overall chart pattern is suggesting a selling opportunity in Idea Cellular Ltd for near term.

LINK
http://www.hdfcsec.com/Share-Market-Research/Research-Details/StockReports/3010631