Shares of Vodafone Idea Ltd welcomed calendar year 2024 on a fantastic note. The stock extended its sharp upward run for the second straight session in Monday’s trade. It jumped 14.98 per cent to scale a one-year high of Rs 18.42. At this price, the scrip has gained 39.12 per cent in just two trading days. The multibagger counter has zoomed 223.16 per cent from its one-year low price of Rs 5.70, a level seen on March 31 last year.

The scrip saw heavy trading volumes today as 20.22 crore shares were seen changing hands on BSE. The figure was way more than the two-week average volume of 8.01 crore shares. Turnover on the counter came at Rs 350.63 crore, commanding a market capitalisation (m-cap) of Rs 83,875.10 crore. There were 1,64,69,113 sell orders against buy orders of 60,29,542 shares.

In November 2023, Voda Idea chief executive Akshaya Moondra had mentioned that funding-related discussions were in progress. “We should be able to conclude these discussions in this quarter,” the VIL CEO stated during an earnings call.

On the technical front, the stock may find resistance at Rs 19, followed by Rs, 20, Rs 21 and Rs 21.5 levels. Support could be seen at the Rs 15-16.45 zone.

On weekly charts, the stock has formed a rounding bottom breakout with good volume, indicating strong bullish momentum. The stock maintains a robust support zone within the range of Rs 13-12.5 levels. On the upside, Rs 21.5 represent a formidable resistance. A successful breach of this level could potentially propel the stock towards Rs 30. It is advisable to maintain the stock with a trailing stop-loss set at Rs 15.5. As market conditions can evolve, staying informed and adaptable is crucial for making informed investment decisions,” said Mandar Bhojane, Equity Research Analyst at Choice Broking.

“Support will be at Rs 15 and resistance at Rs 19. Expected trading range will be between Rs 14 and Rs 22 for a month,” said Jigar S Patel, Senior Manager – Technical Research Analyst at Anand Rathi Shares and Stock Brokers.