Buy Idea for target of Rs 85: Finquest

MUMBAI: Finquest Securities has advised traders to buy Idea for a target of Rs 85.

���Idea formed a small weekly candle last week after falling for last 3 weeks continuously. A breach of the weekly candle high at Rs 77.20 has indicated that the stock is ready to resume its uptrend towards Rs 85 zone. MACD has been hovering at zero line and is about to give a positive crossover.

RSI has tested prior bottom at Rs 36 and reversed. Buy Idea at Rs 77.50 for a target of Rs 85 and keep stoploss below Rs 74.50. Expected return is 9.7% and risk is 3.9%,���said Jyoti Nangrani, CMT, Techncial Analyst - Equity Institutional, Finquest Securities.