May 3, 2018 / 7:28 AM / in 6 months

BUZZ-India's Idea Cellular hits 7-yr low; technicals suggest further downside

** Shares of Idea Cellular Ltd, fall as much as 5.13 pct to 63.8 rupees, their lowest since May 27, 2011

** Stock breaks below a support at 66 rupees, the 38.2 pct Fibonacci projection level of the down-trend from the April 17, 2015 high to Nov. 9, 2016 low reut.rs/2JQl47h

** This suggests stock will now move towards the next support at 49.8 rupees, the 50 pct projection level

** Stock is on a strong downtrend with Trend Intensity(TI) indicator showing a reading of 36, MACD is also negative and below its signal line

** In the last one month, analysts have cut Idea Cellular’s FY 2019 net profit estimates by 11.4 pct, TR Eikon data shows

** Stock is down 37.8 pct this year as of Wednesday’s close, underperforming the 22.5 pct fall for the BSE Telecom index

Reporting by Gaurav Dogra

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