Vodafone Idea's stock surged 22.51% in the final trading session of 2023, reaching a 52-week high of Rs 16.22 from its previous close of Rs 13.24. The multibagger has seen over 100% year-to-date (YTD) growth.
Vodafone Idea Ltd shares surged to a new one-year high in Friday's trading session. In the final session of the calendar year 2023, the stock rallied 22.51%, reaching a 52-week high of Rs 16.22 compared to its previous close of Rs 13.24. The multibagger has achieved a year-to-date (YTD) gain of over 100%.
The stock witnessed significant trading activity today, with 25.93 crore shares exchanged on the BSE, well above the two-week average volume of 5.28 crore shares. The turnover amounted to Rs 386.63 crore, resulting in a market capitalization (m-cap) of Rs 77,984.86 crore. Buy orders totaled 6,69,21,352, contrasting with sell orders of 87,40,345 shares.
In the previous month, Vodafone Idea CEO Akshaya Moondra mentioned ongoing discussions regarding funding, stating, "We should be able to conclude these discussions in this quarter" during an earnings call.
From a technical perspective, immediate support for the stock is anticipated near the Rs 14 level, while resistance may be encountered around Rs 17.
Jigar S Patel, Senior Manager and Technical Research Analyst at Anand Rathi Shares and Stock Brokers, indicated, "Anticipated support lies at Rs 14, with resistance at Rs 17. The expected trading range for the next month is projected to be between Rs 12 and Rs 20."
AR Ramachandran from Tips2trades expressed a bullish outlook for Vodafone Idea on daily charts, citing the next resistance at Rs 16.3. He advised investors to consider profit booking at current levels, cautioning that a daily close below the support of Rs 14.9 might lead to a near-term decline to Rs 12.
Ravi Singh, the founder of DRS Finvest, highlighted the stock's resistance at the Rs 17 zone, identifying significant support at Rs 12.
The stock was trading above various moving averages, including the 5-day, 10-day, 20-day, 30-day, 50-day, 100-day, 150-day, and 200-day simple moving averages (SMAs). The counter's 14-day relative strength index (RSI) stood at 72.01, with a level below 30 considered oversold and a value above 70 indicating overbought conditions.
As of September 2023, the company's promoters possessed a 50.36 percent stake.
