Shares of Vodafone Idea Ltd have experienced a remarkable upswing, recording a gain of more than 112% in the past six months and 127% over the last year. The stock’s recent trading at Rs 16.08 represents a 1.07% increase on Monday.
Current Position and Promoter Funding: Despite a recent dip from its one-year high of Rs 18.42 on January 1, 2024, Vodafone Idea CEO Akshaya Moondra confirmed ongoing discussions with promoters regarding funding support. The commitment remains strong, and discussions are in progress, aligning with the company’s strategy, especially in the context of the upcoming 5G deployment.
Technical Analysis and Potential Upside: On the technical front, Vodafone Idea exhibits a positive chart setup. Support levels are identified at Rs 15.55-14.50, with a series of higher lows contributing to the stock’s positive trend. Shiju Koothupalakkal, Technical Research Analyst at Prabhudas Lilladher, suggests the possibility of a further rise, with potential upside targets at Rs 17.60-Rs 19.80.
Analyst Perspectives:
- Jigar S Patel, Senior Manager at Anand Rathi Shares and Stock Brokers, emphasizes a trading range between Rs 15 and Rs 18 for the month, with support at Rs 15.80 and resistance at Rs 16.60.
- AR Ramachandran from Tips2trades notes Vodafone Idea’s bullish stance on daily charts, highlighting strong resistance at Rs 16.55 and anticipating a potential move to Rs 17.8 in the near term.
Promoter Holding and Future Outlook: As of December 2023, promoters maintained a 50.36% stake in the company. The ongoing discussions about funding and strategic planning, especially in the context of the imminent 5G rollout, indicate a dynamic landscape for Vodafone Idea.
