2 top stock recommendations from Rahul Sharma
«So, in terms of percentage, the support is closer for Indus Tower and the stock may see some bit of cooling off, consolidation happen around the 360 mark. But speaking of Vodafone Idea, clearly below the 12 level, we expect more weakness to continue in the same,» says Rahul Sharma, JM Financial Services.
What is your take coming in on both of these counters, Vodafone Idea and Indus Towers? While when you talk about the news flow, you thought things were getting better for Vodafone Idea. There was some scope of revival but that is definitely not how it is playing right now given the fact the Supreme Court order is negative and will have a negative impact.
Rahul Sharma: Yes, so speaking technically the stock has broken its crucial support area of 12.5, 12 and it has been like a nosedive for the stock of sorts in today's session. Now what that opens up is a room for more downside and the next psychological level that we can see is at around 10. But technically speaking the crucial support is coming in around Rs 9, so that is another 20% down move that can happen especially the way the sell-off has been there today. Now speaking of Indus Tower which has been relatively doing well, this has also sort of broken down from its short-term moving averages and the meaningful support for this one is placed around the 355-360 mark.
So, in terms of percentage, the support is closer for Indus Tower and the stock may see some bit of cooling off, consolidation happen around the 360 mark. But speaking of Vodafone Idea, clearly
