Breakout stock: Bulls are back with Vodafone Idea making a 20 DMA crossover!

By crossing important resistance levels with above average volumes, the stock has given a clear breakout.

Vodafone Idea soared in the last hour of the trade on Friday, managing to close with gains in excess of 11 per cent. The stock closed with gains of Rs. 1.10 per share at Rs.10.65 per share, managing to make a 20 DMA crossover on charts. By crossing important resistance levels with above average volumes, the stock has given a clear breakout.The 20 DMA crossover will give a lot of confidence to the bulls as the technical indicator suggests that in the near term the stock may gain further momentum.

This week is going to be action packed for Vodafone Idea as the company will be announcing its March 2021 quarter results.The Market is abuzz with a hope that some announcements on capital raising will be announced by the management. 

Last week vodafone announced that it will partner with Cisco to supports its 4G and 5G customer experience.Things are moving at brisk pace for vodafone Idea on 5G trials however it lags both Airtel and Jio as both of the telecom majors have already started their 5G trials.