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

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.

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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."

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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. 

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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.