Vodafone Idea stock sees twin breakout, chart hints at 13% upside potential

Vodafone Idea stock has witnessed a twin breakout with the stock seen trading above the super trend line hurdle and the higher-end of the Bollinger Bands on the daily chart.

Shares of Vodafone Idea have been in limelight in recent trading sessions, with the stock up over 19 per cent in the last six days, from levels of ₹6.33 on June 19 to a high of ₹7.55 today, June 27.  In the process, the stock has witnessed a twin breakout on the daily scale. The stock crossed the super trend line hurdle, and is now seen trading above the higher-end of the Bollinger Bands.  Technically, the short-term bias for the stock is likely to remain favourable as long as the stock holds above the ₹7.35 - ₹7.25 support zone. CLICK HERE FOR THE CHART  The recent gains at the counter have been attributed to reports that the government may be considering relief of ₹84,000 crore in dues to the debt-ridden telecom company.  Media reports suggest that the government may be considering extending the repayment period for adjusted gross revenue (AGR) dues, among other options.  The Supreme Court (SC) had recently, dismissed petitions by Bharti Airtel, Vodafone Idea, and Tata Teleservices seeking waivers on interest, penalties, and interest on penalties related to adjusted gross revenue (AGR) dues.  Vodafone Idea thus far said it has not received any formal communication from the government on it.  ALSO READ | 10 large-cap stocks to bet across sectors that may gain up to 32% in H2CY25  Meanwhile, here's a detailed technical outlook on the likely road ahead for Vodafone Idea stock. 

Vodafone Idea

Current Price: ₹7.40  Upside Potential:  Support: ₹7.35; ₹7.02; ₹6.84; ₹6.48  Resistance: ₹7.46; ₹8.16  Apart from the near support at ₹7.35, the overall bias for Vodafone Idea stock is likely to remain positive as long as the stock sustains above ₹6.48 levels. At present, the stock is seen testing resistance around its 100-Day Moving Average (100-DMA), which stands at ₹7.46.  ALSO READ | 5 microcap stock ideas for potential mega returns as per tech charts  The medium-term chart indicates a likely upside target of ₹8.42 for Vodafone Idea shares. Breakout above the same will be crucial for any further gains. Interim resistance for the stock can be anticipated around the 200-DMA hurdle at ₹8.16 levels.  In case of a dip, interim support for the stock can be anticipated around ₹7.02 and ₹6.84 levels, suggests the daily chart.