Vodafone Idea Ltd witnessed a significant surge in its shares during Friday’s trade, reaching a fresh one-year high. In the last trading session of 2023, the stock rallied by 22.51% to hit a 52-week high of Rs 16.22, up from its previous close of Rs 13.24. This multibagger counter has seen a remarkable gain of over 100% on a year-to-date (YTD) basis. Trading volumes were substantial, with 25.93 crore shares changing hands on the BSE, significantly higher than the two-week average volume of 5.28 crore shares. The turnover on the counter stood at Rs 386.63 crore, contributing to a market capitalization (m-cap) of Rs 77,984.86 crore. Buy orders outnumbered sell orders, with 6,69,21,352 buy orders against 87,40,345 sell orders.

Vodafone Idea’s chief executive, Akshaya Moondra, had previously indicated that funding-related discussions were underway, with expectations of concluding these discussions in the current quarter, as mentioned during an earnings call last month.

In terms of technical analysis, the immediate support for Vodafone Idea’s stock is expected near the Rs 14 level, with resistance around Rs 17. Jigar S Patel, Senior Manager – Technical Research Analyst at Anand Rathi Shares and Stock Brokers, suggested that the stock’s support would be at Rs 14 and resistance at Rs 17, with an expected trading range of Rs 12 to Rs 20 for the month.

AR Ramachandran from Tips2trades noted that Vodafone Idea appears bullish on daily charts, with the next resistance at Rs 16.3, advising investors to consider booking profits at current levels. He cautioned that a daily close below the support of Rs 14.9 could lead to a decline towards Rs 12 in the near term.

Ravi Singh, founder of DRS Finvest, highlighted that the stock faces resistance at the Rs 17 zone, with significant support at Rs 12.

As of September 2023, promoters held a 50.36% stake in the company. The stock was trading above its 5-day, 10-day, 20-day, 30-day, 50-day, 100-day, 150-day, and 200-day simple moving averages (SMAs), with a 14-day relative strength index (RSI) of 72.01. An RSI value below 30 is considered oversold, while a value above 70 is considered overbought.

Vodafone Idea Ltd witnessed a significant surge in its shares during Friday’s trade, reaching a fresh one-year high. In the last trading session of 2023, the stock rallied by 22.51% to hit a 52-week high of Rs 16.22, up from its previous close of Rs 13.24. This multibagger counter has seen a remarkable gain of over 100% on a year-to-date (YTD) basis. Trading volumes were substantial, with 25.93 crore shares changing hands on the BSE, significantly higher than the two-week average volume of 5.28 crore shares. The turnover on the counter stood at Rs 386.63 crore, contributing to a market capitalization (m-cap) of Rs 77,984.86 crore. Buy orders outnumbered sell orders, with 6,69,21,352 buy orders against 87,40,345 sell orders.

Vodafone Idea’s chief executive, Akshaya Moondra, had previously indicated that funding-related discussions were underway, with expectations of concluding these discussions in the current quarter, as mentioned during an earnings call last month.

In terms of technical analysis, the immediate support for Vodafone Idea’s stock is expected near the Rs 14 level, with resistance around Rs 17. Jigar S Patel, Senior Manager – Technical Research Analyst at Anand Rathi Shares and Stock Brokers, suggested that the stock’s support would be at Rs 14 and resistance at Rs 17, with an expected trading range of Rs 12 to Rs 20 for the month.

AR Ramachandran from Tips2trades noted that Vodafone Idea appears bullish on daily charts, with the next resistance at Rs 16.3, advising investors to consider booking profits at current levels. He cautioned that a daily close below the support of Rs 14.9 could lead to a decline towards Rs 12 in the near term.

Ravi Singh, founder of DRS Finvest, highlighted that the stock faces resistance at the Rs 17 zone, with significant support at Rs 12.

As of September 2023, promoters held a 50.36% stake in the company. The stock was trading above its 5-day, 10-day, 20-day, 30-day, 50-day, 100-day, 150-day, and 200-day simple moving averages (SMAs), with a 14-day relative strength index (RSI) of 72.01. An RSI value below 30 is considered oversold, while a value above 70 is considered overbought.