Vodafone Idea Share: Vodafone Idea shares are in constant discussion. The company’s shares saw a rise of 2% today. The company’s shares had reached an intraday high of Rs 13.75 today. However, before this it was witnessing a continuous decline. Shares of telecom company Vodafone Idea saw a continuous decline after global brokerage firm Goldman Sachs sell rating on the stock. Let us tell you that global brokerage firm Goldman Sachs had given a target price of only Rs 2.5 on this stock early last week and indicated a possibility of a decline of up to 83%. After this, the company’s shares fell by up to 14% in intraday trade. This stock has fallen by 16% in a month and 20% so far this year.
Aditya Birla Group increased stake
According to official documents, Aditya Birla Group chief Kumar Mangalam Birla and another prominent investor have bought shares of Vodafone Idea Ltd. Kumar Mangalam Birla bought 1.86 crore shares of Vodafone Idea on September 6, while Pilani Investment bought 30 lakh shares on the same day. September 6 is the same day when brokerage firm Goldman Sachs issued a note and gave a ‘sell’ rating to Voda Idea shares and put a target price of ₹ 2.5 on the stock.
Company shares
Voda Idea stock is trading below its long-term (200-DMA) moving average for the fourth consecutive trading session after 14 months. The stock is also below other major moving averages such as 20-, 50- and 100-DMA. In such a situation, the trend of the stock is said to be negative at the moment. On the daily scale, the stock is seen attempting a decline after last week’s sharp sell-off. The stock has moved within the Bollinger Bands and can now expect some support around the level of Rs 13.20. Similarly, the weekly chart shows the presence of strong support for the stock around Rs 12.20, which is the super trend line. Break and continued trading below this can trigger a decline towards the 200-WMA (weekly moving average), which is Rs 10.50. Support is likely to be around Rs 11.10.
