Voda Idea stock hits Rs 10 after 16 weeks; chart shows 23% rise potential

Photo: Instagram/@vodafone

Vodafone Idea's stock made a strong move on Monday, crossing the Rs 10 mark for the first time since October 4, 2024. This comes after 16 weeks of trading below that important level. Before this, the stock had been consistently above Rs 10 for more than a year.

The stock surged by 15% today, largely due to reports that the government might waive 50% of the interest and 100% of penalties on dues owed by telecom companies, including Vodafone Idea. This news sparked a rally, and in the past five trading sessions, the stock has risen by as much as 35%, moving from Rs 7.74 to a high of Rs 10.47.

As part of this rally, Vodafone Idea's stock has also crossed its 100-day Moving Average (100-DMA) for the first time since September 2024, which is a positive sign for the stock. On the medium-term chart, the stock is now testing a key resistance level at its 200-week Moving Average (200-WMA). This level, along with a super trend line resistance, is an important hurdle for the stock to break through.

So, what does the future hold for Vodafone Idea's stock? Will it continue to rise or fall back to lower levels? Let's take a look at what the technical charts and January derivatives data are suggesting.

Current Price: Rs 9.90

Upside Potential: 23.2%

Support Levels: Rs 9.50; Rs 9.35; Rs 8.55

Resistance Levels: Rs 10.30; Rs 11.30

The daily chart shows that Vodafone Idea's stock has broken out of a previous range, and the outlook is positive as long as the stock stays above Rs 9.50. If the stock drops below this level, the 100-DMA at Rs 9.35 will act as a support. For the short term, the stock is expected to stay on a positive trend as long as it remains above Rs 8.55.

On the upside, the stock faces resistance at Rs 10.30. If it manages to break through this level, the next targets could be Rs 11.30 and Rs 12.20. However, for the stock to be considered in a strong long-term uptrend, it needs to consistently stay above the Rs 12 level. Until then, the current rally can be seen as a pullback after a period of decline.

In conclusion, Vodafone Idea’s stock has shown impressive gains recently, but it needs to break key resistance levels to continue its upward movement. Investors should watch the Rs 9.50 support level and the Rs 10.30 resistance level closely in the coming weeks.

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