Active Stocks
Fri Apr 19 2024 15:56:00
  1. Tata Steel share price
  2. 162.10 1.31%
  1. Tata Motors share price
  2. 963.20 -0.84%
  1. NTPC share price
  2. 350.90 -0.14%
  1. ITC share price
  2. 424.80 1.40%
  1. Power Grid Corporation Of India share price
  2. 281.70 0.54%
Business News/ Markets / Stock Markets/  Vodafone Idea share price crash takes a pause after 22% dip in three days
BackBack

Vodafone Idea share price crash takes a pause after 22% dip in three days

Vodafone Idea shares have immediate support placed at ₹13.40 to ₹13.50 apiece level, say experts

Vodafone Idea share price is currently in ₹12 to ₹18 per share range, say market experts.Premium
Vodafone Idea share price is currently in 12 to 18 per share range, say market experts.

Stock market today: After crashing for the last three straight sessions, selling in Vodafone Idea shares paused on Thursday. Vodafone Idea share price today bounced back from its intraday low of 13.40 apiece on NSE and came close to 14 apiece levels. However, the telecom stock failed to sustain at higher levels and retraced from the intraday highs and once again came around 13.65 apiece level. However, Vodafone Idea share continues to remain above its immediate support placed at 13.40 to 13.50 apiece.

According to stock market experts, Vodafone Idea share price has made an immediate base at around 13.40 to 13.50 apiece level. However, it has crucial support placed at 12 per share level. They said that Vodafone Idea share price had ascended on the short-term trigger of fundraising. However, after the announcement of 20,000 crore fundraising by the telecom company, profit-booking has been triggered. They said that Vodafone Idea shares are now in the 12 to 18 range and a bullish or bearish trend can be assumed on breakage of either side of the range. On whether Vodafone Idea is a good stock to buy, they said that there is no near-term fundamental trigger for the scrip.

Also Read: 50 to 480: Multibagger stock up 860% in 4-year. Brokerages see more rally

Triggers for Vodafone Idea share price

Asked about the reason for the crash in Vodafone Idea shares, Avinash Gorakshkar, Head of Research at Profitmart Securities said, "Vodafone Idea share price had risen on fundraising move announced by the government. But, once the fundraiser was announced, profit booking was triggered and the stock retraced from its recent highs.

As the company is facing a debt repayment challenge, the stock is expected to remain under pressure till some concrete roadmap for the government's debt repayment is announced. So, my suggestion for fresh investors is to look at other quality stocks."

Also Read: Exicom Tele Systems IPO: GMP, subscription status, other details. Apply or not?

Vodafone Idea share price target

On the Vodafone Idea share price chart pattern, Sumeet Bagadia, Executive Director at Choice Broking said, "Vodafone Idea share has immediate support placed at 13.40 to 13.50 apiece level whereas it has crucial support placed at 12 per share. The stock is facing resistance at 18 level. 

Also Read: Platinum IPO oversubscribed on day 3 led by NII, retail investors; check details

So, Vodafone Idea share price today is in the 12 to 18 per share range. A bullish or bearish trend in Vodafone Idea shares can be assumed on the breakage of either side of the range.

Disclaimer: The views and recommendations above are those of individual analysts, experts, and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

ABOUT THE AUTHOR
Asit Manohar
Chief Content Producer at Live Mint Digital Team
Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Published: 29 Feb 2024, 02:31 PM IST
Next Story footLogo
Recommended For You
GENIE RECOMMENDS

Get the best recommendations on Stocks, Mutual Funds and more based on your Risk profile!

Let’s get started
Switch to the Mint app for fast and personalized news - Get App