Sell Idea Cellular: Rahul Mohindar

Rahul Mohindar of viratechindia.com is of the view that one can sell Idea Cellular with a downside target of Rs 56.

Mohindar told CNBC-TV18, “I think in terms of a resistance first of all there is a pressure point for Idea Cellular around Rs 61-63 belt, so at Rs 60 I think you are looking at another Rs 1-2 best case scenario to reach that pressure point. It is a very important resistance, I would rate this upmove more as a pull back rally and that is because it is not backed with very big volumes or something."

He further added, "It does not look like a up breakout or a medium or long term move to me so keeping that in mind and keeping the fact that we are heading to that Rs 62-63 pressure point, resistance point I would say one could sell on the stock I would expect the first target on the downside to be about Rs 56 breaking it which could be looking at Rs 47.”