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Vodafone Idea Ltd.
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  • Financials
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Vodafone Idea Ltd.

  • 11.30-0.35 (-3.00%)
  • Closed
  • As On: 03:59 PM IST
OPEN TRADING A/C
  • Open11.50
  • High11.75
  • Low11.25
  • Prev Close11.65
  • Volume28,86,34,813
  • VWAP(₹)11.46
  • Intraday fact check

    In the last 14 years, only 5.0 % trading sessions saw intraday declines higher than 5 % .
  • Passing Profits to Shareholders

    Company has consistently declining ROE in last 5 years. Majority of profits last year were disbursed as dividends to shareholders. (Source: Consolidated Financials)
  • PAT: Troublesome Times

    Company has posted a loss of Rs 4532.1 cr for the 4th consecutive quarter. (Source: Consolidated Financials)
  • Sell Signal: Bears on driving seat

    50 day moving crossover appeared today. Average price decline of -11.81% within 30 days of this signal in last 5 years.

Found Insights useful?

Key Metrics

  • PE Ratio(x)-0.66
  • EPS - TTM(₹)-17.00
  • MCap(₹ Cr.)32,614.67
  • MCap Rank3
  • PB Ratio(x)5.60
  • Div Yield(%)0.00
  • Face Value(₹)10.00
  • 52W High(₹)13.80
  • 52W Low(₹)2.70
  • MCap/Sales0.20
  • Beta(1 Month)4.62
  • BV/Share(₹)2.08

Returns

  • 1 Day-3.0%
  • 1 Month-3.83%
  • 3 Months13.57%
  • 1 Year182.5%
  • 3 Years-86.28%
  • 5 Years-89.3%

Vodafone Idea Recommendations

  • Target₹5
  • OrganizationEmkay Global Financial Services
  • SELL
  • Target₹11
  • OrganizationMotilal Oswal Financial Services
  • NEUTRAL

Financials

  • Dec 2020Sep 2020Jun 2020Mar 2020Dec 2019
    Total Income10,933.5010,830.5010,714.6011,920.4011,380.50
    Total Income Growth (%)0.951.08-10.124.742.10
    Total Expenses10,735.5013,434.5032,459.8019,553.8014,179.60
    Total Expenses Growth (%)-20.09-58.6166.0037.90-68.19
    EBIT198.00-2,604.00-21,745.20-7,633.40-2,799.10
    EBIT Growth (%)-----
    Profit after Tax (PAT)-4,532.10-7,218.20-25,460.00-11,643.50-6,438.80
    PAT Growth (%)-----
    EBIT Margin (%)1.81-24.04-202.95-64.04-24.60
    Net Profit Margin (%)-41.45-66.65-237.62-97.68-56.58
    Basic EPS (₹)-1.58-2.51-8.86-4.05-2.24
    Dec 2020Sep 2020Jun 2020Mar 2020Dec 2019
    Total Income10,860.7010,750.5010,757.9011,833.9011,340.90
    Total Income Growth (%)1.03-0.07-9.094.351.98
    Total Expenses12,795.8013,269.0032,290.9019,609.5014,041.70
    Total Expenses Growth (%)-3.57-58.9164.6739.65-68.47
    EBIT-1,935.10-2,518.50-21,533.00-7,775.60-2,700.80
    EBIT Growth (%)-----
    Profit after Tax (PAT)-6,717.70-7,215.60-25,333.90-11,948.80-6,417.90
    PAT Growth (%)-----
    EBIT Margin (%)-17.82-23.43-200.16-65.71-23.81
    Net Profit Margin (%)-61.85-67.12-235.49-100.97-56.59
    Basic EPS (₹)-2.34-2.51-8.82-4.16-2.23
    FY 2020FY 2019FY 2018FY 2017FY 2016
    Total Revenue45,996.8037,823.6028,631.8735,882.6736,162.55
    Total Revenue Growth (%)21.6132.10-20.21-0.7712.86
    Total Expenses69,793.4057,047.9035,453.4537,138.7232,016.72
    Total Expenses Growth (%)22.3460.91-4.5416.0018.11
    Profit after Tax (PAT)-73,878.10-14,603.90-4,168.16-399.702,728.13
    PAT Growth (%)----114.65-14.56
    Operating Profit Margin (%)-18.69-26.31-7.107.6516.48
    Net Profit Margin (%)-164.32-39.37-14.73-1.127.58
    Basic EPS (₹)-27.26-21.16-11.36-1.237.42
    FY 2020FY 2019FY 2018FY 2017FY 2016
    Total Revenue45,801.1037,932.1028,435.1035,475.6735,981.03
    Total Revenue Growth (%)20.7433.40-19.85-1.4013.39
    Total Expenses69,363.6056,861.0035,395.9036,894.6731,910.18
    Total Expenses Growth (%)21.9960.64-4.0615.6216.49
    Profit after Tax (PAT)-73,131.50-14,056.00-4,458.30-831.082,646.29
    PAT Growth (%)----131.41-5.82
    Operating Profit Margin (%)-18.30-25.65-7.417.2516.33
    Net Profit Margin (%)-163.55-38.13-16.02-2.357.39
    Basic EPS (₹)-26.97-20.33-12.07-2.317.35

    All figures in Rs Cr, unless mentioned otherwise

    Insights
    • PAT: Troublesome Times

      Company has posted a loss of Rs 4532.1 cr for the 4th consecutive quarter. (Source: Consolidated Financials)
    • Beating 3 Yr Revenue CAGR

      Company's annual revenue growth of 21.61% outperformed its 3 year CAGR of 8.54%. (Source: Consolidated Financials)
  • AnnualFY 2020FY 2019FY 2018FY 2017FY 2016
    Total Assets2,26,919.602,29,699.5098,577.1796,704.6980,125.50
    Total Assets Growth (%)-1.21133.011.9420.6932.51
    Total Liabilities2,20,939.701,70,064.7071,314.7171,972.4556,575.02
    Total Liabilities Growth (%)29.92138.47-0.9127.2251.12
    Total Equity5,979.9059,634.8027,262.4624,732.2423,550.49
    Total Equity Growth (%)-89.97118.7410.235.022.27
    Current Ratio (x)0.170.340.940.450.29
    Total Debt to Equity (x)16.111.822.092.091.59
    Contingent Liabilities18,482.1041,202.1031,231.010.0027,939.36
    AnnualFY 2020FY 2019FY 2018FY 2017FY 2016
    Total Assets2,28,886.302,33,053.101,01,950.7095,762.4278,655.18
    Total Assets Growth (%)-1.79128.596.4621.7536.37
    Total Liabilities2,19,885.001,69,548.6071,349.9072,038.6653,889.99
    Total Liabilities Growth (%)29.69137.63-0.9633.6850.59
    Total Equity9,001.3063,504.5030,600.8023,723.7624,765.20
    Total Equity Growth (%)-85.83107.5328.99-4.2113.13
    Current Ratio (x)0.230.360.910.390.30
    Total Debt to Equity (x)10.711.711.862.181.52
    Contingent Liabilities18,156.6040,573.6017,374.5025,012.6925,478.46

    All figures in Rs Cr, unless mentioned otherwise

  • AnnualFY 2020FY 2019FY 2018FY 2017FY 2016
    Net Cash flow from Operating Activities7,327.505,268.105,332.3610,475.6711,814.73
    Net Cash used in Investing Activities-2,789.80-7,378.80-9,271.67-15,555.69-12,992.84
    Net Cash flow from Financing Activities-5,018.70-2,869.703,924.874,506.13-9,748.61
    Net Cash Flow-388.90758.20-14.44-573.89-10,926.71
    Closing Cash & Cash Equivalent366.90755.8029.1043.542,147.82
    Closing Cash & Cash Equivalent Growth (%)-51.462,497.43-33.16-97.97-83.57
    Total Debt/ CFO (x)13.1420.6010.684.933.18
    AnnualFY 2020FY 2019FY 2018FY 2017FY 2016
    Net Cash flow from Operating Activities6,921.005,207.905,167.1010,139.9110,852.90
    Net Cash used in Investing Activities-2,315.30-7,308.30-9,087.00-15,659.55-2,302.07
    Net Cash flow from Financing Activities-4,876.60-2,832.903,924.004,906.88-9,330.06
    Net Cash Flow-270.90591.604.10-612.75-779.24
    Closing Cash & Cash Equivalent318.40588.90-2.70-6.79605.96
    Closing Cash & Cash Equivalent Growth (%)-45.930.00-60.24-101.12-95.23
    Total Debt/ CFO (x)13.9320.8411.025.103.46

    All figures in Rs Cr, unless mentioned otherwise

    Insights
    • Decrease in Cash from Investing

      Company has used Rs 2789.8 cr for investing activities which is an YoY decrease of 62.19%. (Source: Consolidated Financials)
  • AnnualFY 2020FY 2019FY 2018FY 2017FY 2016
    Return on Equity (%)-1,235.44-24.48-15.28-1.6111.58
    Return on Capital Employed (%)-6.40-5.56-2.283.419.18
    Return on Assets (%)-32.55-6.35-4.22-0.413.40
    Interest Coverage Ratio (x)-0.55-1.03-0.420.683.33
    Asset Turnover Ratio (x)19.8116.1428.6836.7844.86
    Price to Earnings (x)-0.12-1.09-7.92-77.5214.49
    Price to Book (x)1.490.271.211.251.68
    EV/EBITDA (x)6.4325.8514.057.826.26
    EBITDA Margin (%)35.4812.8722.6329.6533.88
    AnnualFY 2020FY 2019FY 2018FY 2017FY 2016
    Return on Equity (%)-812.45-22.13-14.56-3.5010.68
    Return on Capital Employed (%)-6.11-5.27-2.263.248.86
    Return on Assets (%)-31.95-6.03-4.37-0.863.36
    Interest Coverage Ratio (x)-0.53-1.00-0.420.643.29
    Asset Turnover Ratio (x)19.5315.8127.2936.8345.51
    Price to Earnings (x)-0.12-1.13-7.41-37.3114.95
    Price to Book (x)0.990.251.081.301.60
    EV/EBITDA (x)6.5524.9614.398.056.32
    EBITDA Margin (%)35.1113.4322.4629.0733.71
    Insights
    • Passing Profits to Shareholders

      Company has consistently declining ROE in last 5 years. Majority of profits last year were disbursed as dividends to shareholders. (Source: Consolidated Financials)
    • Losing Shareholder's Money

      Company has reported a negative ROE for 3 consecutive years. (Source: Consolidated Financials)

Found Financials useful?

Technicals

  • 5 Day EMA Crossover

    Bearish signal on daily chart

    Appeared on: 26 Feb 2021

    5D EMA: 11.37

    Last Signal 15 Feb 2021 (Loss -10.74%)

    Average price decline of -6.30% within 7 days of Bearish signal in last 5 years

    10 Day EMA Crossover

    Bearish signal on daily chart

    Appeared on: 26 Feb 2021

    10D EMA: 11.47

    Last Signal 15 Feb 2021 (Loss -10.74%)

    Average price decline of -6.17% within 7 days of Bearish signal in last 5 years

    14 Day EMA Crossover

    Bearish signal on daily chart

    Appeared on: 26 Feb 2021

    14D EMA: 11.56

    Last Signal 15 Feb 2021 (Loss -10.74%)

    Average price decline of -6.18% within 7 days of Bearish signal in last 5 years

    50 Day EMA Crossover

    Bearish signal on daily chart

    Appeared on: 26 Feb 2021

    50D EMA: 11.42

    Last Signal 19 Feb 2021 (False Signal)

    Average price decline of -11.81% within 30 days of Bearish signal in last 5 years

  • 45%
    Positive Movement
    since 1st Jan 2005
    on basis
    53%
    Negative Movement
    since 1st Jan 2005
    on basis
    Exclude

    Global Meltdown1st Jan 2008 to 10th Nov 2008

    Covid Crisis1st Feb 2020 to 31st Mar 2020

  • R111.62Pivot

    11.43

    S111.12
    R211.93S210.93
    R312.43S310.43
  • 5 Days14 Days28 Days
    0.580.670.68

Found Technicals useful?

Peers

  • NAMEP/E (x)P/B (x)ROE %ROCE %ROA %Rev CAGR [3Yr]OPMNPMBasic EPSCurrent RatioTotal Debt/ Equity (x)Total Debt/ CFO (x)
    Vodafone Idea-0.665.43-1,235.44-6.40-32.558.54-18.69-165.11-27.260.1716.1113.14
    Bharti Airtel-14.402.97-41.714.67-8.92-2.1612.25-35.77-63.410.581.526.49
    Tata Comm45.58-24.200.009.27-0.38-1.575.86-0.50-3.020.52-7.113.60
    Tata Tele-1.19-0.180.00-2.12-218.06-25.9722.02-346.83-19.000.05-0.52-29.66
    MTNL-0.34-0.060.00734.17-22.13-13.97-107.86-227.52-58.630.50-1.61-18.12
    Add More
    Annual Ratios (%)

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    Insights
    • Stock Returns vs Nifty 100

      Stock gave a 3 year return of -85.85% as compared to Nifty 100 which gave a return of 36.71%. (as of last trading session)
    • Stock Returns vs S&P BSE Telecom

      Stock generated -85.85% return as compared to S&P BSE Telecom which gave investors 0.27% return over 3 year time period. (as of last trading session)

    Found Peer Comparison useful?

    Shareholding Patterns

    • CategoryNo. of SharesPercentage% Change QoQ
      Promoters20,70,39,18,08272.05 %0.00
      Pledge00.00 %0.00
      FII1,74,65,65,4506.08 %-0.12
      DII40,11,66,5851.39 %0.49
      MF27,60,42,2320.96 %0.45
      Others5,88,37,39,12320.48 %-0.37
    • Category31 Dec 202030 Sep 202030 Jun 202031 Mar 2020
      Promoters72.0572.0572.0572.05
      Pledge0.000.000.000.00
      FII6.086.207.198.82
      DII1.390.903.636.01
      Mutual Funds0.960.512.754.52
      Others20.4820.8517.1313.12

    Mutual Funds Ownership

    MF Ownership as on 31 January 2021

    Futures & Options

      • Type
      • Expiry Month
      • Strike Price
      DatePrice

      27-09-2020Current

      0.00-9.70 (-100.00%)

      0.00
      Open
      0.00
      High
      0.00
      Low
      9.70
      Close
      0
      Contracts Traded
      0.00
      Turnover (₹ Lakhs)
      • Expiry Month
      DatePrice

      27-09-2020Current

      11.45-0.30 (-2.55%)

      11.55
      Open
      11.85
      High
      11.30
      Low
      11.75
      Prev Close
      8,702
      Contracts Traded
      28,143.88
      Turnover (₹ Lakhs)

    Corporate Actions

    • Board Meeting

      Quarterly Results

      Oct 23, 2020

      General Meeting

      Book closure from Sep 23, 2020 to Sep 30, 2020

      Sep 04, 2020

      Board Meeting

      Quarterly Results

      Aug 03, 2020

    • Announced onMeeting on
      Oct 23, 2020Oct 29, 2020
      Quarterly Results
      Aug 03, 2020Aug 06, 2020
      Quarterly Results
      Jun 26, 2020Jun 30, 2020
      Audited Results
      Feb 06, 2020Feb 13, 2020
      Quarterly Results
      Nov 08, 2019Nov 14, 2019
      Quarterly Results
    • Announced onEx-DateDividend%
      Apr 28, 2016Sep 22, 20166%
      Apr 28, 2015Sep 18, 20156%
      Apr 28, 2014Sep 18, 20144%
      Apr 25, 2013Sep 05, 20133%
    • No Data Available

    • No Data Available

    • Announced onEx-Date
      Jan 23, 2019Mar 29, 2019
      Rights ratio: 87 share for every 38 held at a price of Rs 12.5
    • Announced onMeeting on
      Sep 04, 2020Sep 30, 2020
      Book closure from Sep 23, 2020 to Sep 30, 2020
      Aug 02, 2019Aug 27, 2019
      Book closure from Aug 20, 2019 to Aug 27, 2019
      May 06, 2019Jun 06, 2019
      -
      Nov 30, 2018Dec 22, 2018
      Book closure from Dec 15, 2018 to Dec 22, 2018
      Jun 01, 2018Jun 26, 2018
      -

    About

    Vodafone Idea Ltd., incorporated in the year 1995, is a Mid Cap company (having a market cap of Rs 32,470.99 Crore) operating in Telecommunications sector.

    Vodafone Idea Ltd. key Products/Revenue Segments include Telecommunication Services, Other Operating Revenue and Traded Goods for the year ending 31-Mar-2020.

    For the quarter ended 31-12-2020, the company has reported a Consolidated Total Income of Rs 10,933.50 Crore, up .95 % from last quarter Total Income of Rs 10,830.50 Crore and down 3.93 % from last year same quarter Total Income of Rs 11,380.50 Crore. Company has reported net profit after tax of Rs -4,589.10 Crore in latest quarter.

    The company’s top management includes Mr.Kumar Mangalam Birla, Mr.Krishnan Ramachandran, Ms.Neena Gupta, Mr.Ashwani Windlass, Mr.Arun Kumar Adhikari, Mr.Arun Thiagarajan, Mr.Thomas Reisten, Mr.Vivek Badrinath, Mr.Debnarayan Bhattacharya, Mr.Himanshu Kapania, Mr.Ravinder Takkar, Mr.Suresh Choithram Vaswani. Company has S R Batliboi & Associates LLP as its auditors. As on 31-12-2020, the company has a total of 2,873.54 Crore shares outstanding.

    About Vodafone Idea

    Vodafone Idea Ltd., incorporated in the year 1995, is a Mid Cap company (having a market cap of Rs 32,470.99 Crore) operating in Telecommunications sector. Show More

    Key Indices Listed On

    Nifty Midcap 50, Nifty Midcap 100, Nifty 200, Nifty 500, S&P BSE 500

    Address

    Suman Tower,Plot No. 18,Gandhinagar, Gujarat - 382011

    Executive Leadership

    AM

    Akshaya Moondra

    Chief Financial Officer
    AK

    Arun Kumar Adhikari

    Independent Director
    AT

    Arun Thiagarajan

    Independent Director
    AW

    Ashwani Windlass

    Independent Director
    Show More

    Auditors

    S R Batliboi & Associates LLP

    Vodafone Idea Share Price Update

    Vodafone Idea Ltd. share price moved down by -3.00% from its previous close of Rs 11.65. Vodafone Idea Ltd. stock last traded price is 11.30

    Share PriceValue
    Today/Current/Last11.30
    Previous Day11.65

    DATA SOURCES: TickerPlant (for live BSE/NSE quotes service) and Dion Global Solutions Ltd. (for corporate data, historical price & volume, F&O data). Sensex & BSE Quotes and Nifty & NSE Quotes are real-time and licensed from BSE and NSE respectively. All timestamps are reflected in IST (Indian Standard Time).

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    Markets Data

    *

    Key Metrics

    • This is a ratio arrived at by dividing the current market price of a stock by its latest (annual or annualized) earnings per share. Here we have taken the TTM (trailing twelve months) adjusted earnings per share.

    • Earnings per share (TTM) tells the profit after tax earned on a per share basis by a stock over the last twelve months or four quarters.

    • MCap or Market capitalization of a stock is calculated by multiplying the total number of shares outstanding of that particular stock with its current market price.

    • This is the ranking of a company within its sector based on MCap or Market capitalization. Higher the market capitalization of a company, higher the rank it is assigned.

    • Price to Book represents the ratio of current market price of a stock to its book value per share. The book value itself is arrived at by dividing the net worth of a company by the total number of shares outstanding of the company at that time.

    • Dividend Yield calculates the amount of full year dividend declared by a company as a percentage of the current market price of a stock. All other things being equal, higher the dividend yield of the stock, the better it is for investors.

    • Face value of a stock is the value ascribed to the stock as per the balance sheet of the company. The dividend declared by a company is usually declared as a percentage of face value.

    • Beta (β) is a measure of systematic risk. It describes the responsiveness of a stock to fluctuations in the market. Beta coefficient of more than 1 denotes that a security is more volatile than its benchmark and less than 0 signifies that security return is not correlated to market movement.

    • Volume Weighted Average Price represents the average price of a security over a particular time period (example one trading day) weighted by the volume traded at each price point.

    • This represents the 52 week high and low price of the security. It is also the 1 year high and low of the security. This represents the highest and lowest price touched by the security during the past 52 weeks or 1 year including today.

    • Book value represents the value arrived at by subtracting the total liabilities from the total assets of the company. On dividing this value with the total number of shares outstanding for the company, we can arrive at book value per share. Book value is also known as Net Asset Value of a company.

    • This is a ratio of market capitalisation of a company’s stock to its annual sales. The market capitalization here is taken for the fully paid-up equity share of the company.

    Technicals

    • Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.

      Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.

    • Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.

      Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.

    • Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.

      Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.

    • Pivot points are indicative support and resistance levels which are calculated on basis of previous day’s high, low and closing prices. Pivot level for Monday’s trade would be based on Friday’s prices and Monday’s, high, low and close price would go into calculation of pivot levels for Tuesday’s trading session.

      There are two underlying assumptions in pivot points. First, the specific price level indicated by R1, R2 and R3 may act as a barrier or resistance in an uptrend. So, if a stock moves up above these pivots levels, the uptrend gets confirmed. Second these specific price levels may see an increased activity, hence may be used as levels to book profit by traders with a long positions. For traders with short position, these points are often helpful in determining what should be the stop loss for a trade.

      Similarly, in case of support levels as indicated by S1, S2 and S3, they may act as price level where a stock might get a breather when it is slipping southward. In case these supports levels are broken it is a confirmation of a down trend. The stock may also see increased activity close to pivot levels. They may be used by trader may use them to put stop loss for a long trade. If a trader has short position, the pivot level may help in determine a level, where profit may be booked.

      Like any other technical indicator, pivots levels cannot and should not be used as single factor while taking a trading decision. They should be combined with other technical indicators. It could be short term moving averages, stochastic, moving average convergence divergence (MACD) or overbought level as indicated by relative strength index (RSI). For example, if a breakdown of support level (S1, S2 or S3) is accompanied with stock price also moving below its short term moving average or stochastic on daily charts giving a sell signal, it would add to weightage to the decision of taking a short trade.