Shares of Vodafone Idea Ltd slipped over 1 per cent on Monday after hitting a recent high, with the stock falling below the ₹11 mark. The telecom operator’s shares were trading at ₹10.99 on the National Stock Exchange of India (NSE: IDEA), down ₹0.17 or 1.52 per cent in intra-day trade. The stock has declined 6 per cent in the last three trading sessions. At 12:40 PM, Voda Idea traded with a loss of 2 per cent at ₹10.95 after touching an intra-day low of ₹10.87 on the NSE in an otherwise positive Monday trade. In comparison, the Sensex and the Nifty were up 0.4 per cent each. Historical data shows, that Voda Idea stock has shed 15.1 per cent from its December high of ₹12.80. This is second successive month, wherein the stock is seen trading with a net loss.
Technical analysts highlight that the stock seems to be in consolidate mode and has been facing consistently resistance in the ₹12 - ₹13 zone. "Vodafone Idea has been consolidating around the ₹12 mark for the past three months, reflecting persistent supply in the ₹12–₹13 zone. The stock has repeatedly faced rejection near this band, indicating overhead resistance and on-going profit booking," says Hitesh Tailor, Technical Research Analyst at Choice Equity Broking.The analyst adds that the upside momentum for Voda Idea is likely to remain capped, unless and until the stock delivers a decisive weekly close above ₹13.20.Technically, the Voda Idea stock remains range-bound between ₹10 - ₹13; a decisive breakout above ₹13.20 is essential to signal a meaningful trend reversal, says the analyst.