Will Voda Idea hold this weekly support level? Check key levels here

With Wednesday's 9 per cent fall, Vodafone Idea has declined over 20 per cent in the last three trading sessions from its recent high; stock is now trading close to its weekly support level.

Shares of Vodafone Idea tumbled 6 per cent to a low of Rs 14.85 in intra-day deals on Wednesday a day after the company's board approved Rs 45,000 crore fund raise by way of debt and equity.

As per the proposal approved, the company plans to raise up to Rs 20,000 crore through a combination of equity or equity-linked instruments and the rest through debt.

The company's has scheduled the shareholders meeting on April 02 for the requisite approval. 

Meanwhile, here's a quick chart check on the telecom stock.

Voda Idea

Current Price: Rs 14.85

Key support: Rs 14.40

Resistance: Rs 17.20; Rs 17.50

The stock has shed over 20 per cent in the last three trading sessions from its high of Rs 18.40 touched on February 23. At current levels, the stock is seen trading below its 20-DMA (Daily Moving Average) and the 50-DMA, which stand at Rs 15.35 and Rs 15.25, respectively. 

On the weekly scale, the stock has been on an uptrend post its breakout in May 2023 from levels of Rs 7-odd levels. The medium-term chart suggests that the overall bias is likely to remain positive as long as the stock sustains above its 20-WMA (Weekly Moving Average) which stands at Rs 14.40. Over the last 10 months, the stock has respected this support level. CLICK HERE TO VIEW CHART

Break and close below the same, can open the doors for a steeper decline towards Rs 11.60-odd levels. On its way up, the short-term moving averages are likely to act as immediate resistances.

Further, upside for the stock is likely to be capped around RS 17.20 - Rs 17.50 zone.