Voda Idea stock tops Rs 10-mark after 16 weeks; chart say can rise more 23%

Vodafone Idea stock is expected to trade with a favourable bias in the near-term as long as the stock holds above Rs 9.50 - Rs 9.35 support zone, suggests the technical charts.

Vodafone Idea stock today, on Monday, topped the Rs 10-mark for the first time since October 04, 2024; i.e. after 16 trading weeks. Prior to which, the Voda Idea stock had consistently managed to sustain above this psychological mark for more than a year.  Today's 15 per cent surge was triggered on reports that the government was considering a proposal to waive 50 per cent of interest and 100 per cent of penalties and interest on penalties that make up a bulk of the AGR dues levied on telcos.  The stock has soared as much as 35 per cent in the last five trading sessions, from a level of Rs 7.74 to a high of Rs 10.47. Amid this rally, Voda Idea stock has also crossed its 100-DMA (Daily Moving Average) for the first time since September 2024.  On the medium-term chart, the stock is seen testing resistance at its 200-WMA (Weekly Moving Average), which also coincides with the super trend line resistance; hence a key hurdle for the stock.    Can Voda Idea stock conquer this hurdle and rally further or will it fall back to lower levels? Here's what the technical chart and January derivatives data suggests.  Voda Idea  Current Price: Rs 9.90  Upside Potential: 23.2%  Support: Rs 9.50; Rs 9.35; Rs 8.55  Resistance: Rs 10.30; Rs 11.30  The daily chart shows that Voda Idea has given a breakout, and the bias for the stock is likely to remain upbeat as long as the stock holds above Rs 9.50 levels; below which the 100-DMA at Rs 9.35 shall act as a near support. The short-term bias for the stock is expected to remain favourable as long as the stock holds above Rs 8.55.    On the upside, the stock faces imminent resistance at Rs 10.30; above which a rally to Rs 11.30 and Rs 12.20 seems likely. The overall, long-term, trend for the stock can turn favourable only in case the stock constantly sustains above the Rs 12 mark. Till such time, the current up move can be considered as a pullback rally. CLICK HERE FOR THE CHART