Wait & Watch Idea Cellular For Future Gains, Says Gaba
Technical Analyst, Prakash Gaba is of the view that one can stay invested in Idea Cellular.
Gaba told, “Idea Cellular has strong support at Rs 120. The structure is not a weak, it’s a positive structure. It has resistance Rs 135. Structurally it can take out the all time high of Rs 135 where does it go from here maybe Rs 156 levels. So structurally it’s a positive stock, there is more upside than downside. I wouldn’t worry just continue to hold and maybe go towards Rs 156.”
Idea cellular is a wireless telephony company functioning in different Indian states. It firstly began in 1995 as a joint venture between the Tatas, Aditya Birla Group and AT&T by coalescing Tata Cellular and Birla AT&T Communications.
Originally having a very limited footprint in the GSM field, the acquirement of Escotel in 2004 presented Idea a really pan-India attendance covering up Maharashtra (excluding Mumbai), Goa, Gujarat, Andhra Pradesh, Madhya Pradesh, Chattisgarh, Uttar Pradesh (East and West), Haryana, Kerala, Rajasthan and Delhi (inclusive of NCR).