Idea Cellular Ltd - Complete U-turn - 6/3/2016

How much an idea is worth ? ;) pardon the pun but that's the questions everybody is asking recently. In the beginning of 2013, Idea Cellular Ltd stock was trading around 100 and now after 3 years and trip to 200, it is back where it started. It is tempting to get long at these levels technically and people who saw it first has already done that ! And well, already took profit at next resistance level at 130.
Technically, 130 is looking too tough to crack right now if you are long, because there is always going to be that headline risk when major equity holders are selling. While one need to be skeptical because they might have much more information than we do !
We like to buy when people are selling but not at any price. 100 is obviously a good support but we are looking much deeper near 70 / 80. We will be closely watching Idea Cellular over coming sessions and trade it with long bias to get the average down with combination of options strategies.