Vodafone Idea share: Analyst sees breakout above Rs 10.70; check next target price

Vodafone Idea Share Price Target: Shares of Vodafone Idea are in focus as the government moves closer to finalising its stance on adjusted gross revenue (AGR) relief matter, in accordance with the Supreme Court's order. According to media reports, the government could make an announcement in the coming weeks.
According to reports, Union Telecom Minister Jyotiraditya Scindia has said that the government is awaiting a formal request from the company (Vodafone Idea) on the matter. He said that the Supreme Court's order on the matter is being carefully evaluated and hinted that the government may complete its assessment in the coming weeks. A potential relief package for Vodafone Idea may be announced by the end of the year.
Post his comments, Vodafone Idea shares on Tuesday (December 2) climbed more than 4 per cent in intraday trade even in a weak market. Vodafone Idea shares made an intraday high of Rs 10.32, up 4.3 per cent. The counter closed 2.01 per cent higher at Rs 10.13 on NSE with nearly 65 crore equities changing hands.
Speaking to ET NOW Swadesh, Rajesh Palviya said that moves in Vodafone Idea shares are affected by news. He said that though the long-term structure of Vodafone Idea is weak, the counter could show positive moves on anticipation of AGR relief.
"Vodafone Idea share are making recovery attempts as we get news surrounding to the AGR relief matter. In the near term, Vodafone Idea shares are facing resistance at Rs 10.70. If Vodafone Idea shares give a breakout above Rs 10.70 on closing basis, then my view is that the rally will extend. Above Rs 10.70, the target price for Vodafone Idea will be Rs 12," the market expert said.
On the downside, Vodafone Idea shares have immediate support placed at Rs 9.50, the market expert said. "If the view is short-term, then my suggestion is to book profit above the breakout of Rs 10.70," he added.
The next move in Vodafone Idea will be decided by the government's stance on the AGR relief matter. "That will be a key next trigger for Vodafone Ideal. I am expecting Vodafone Idea to trade in a range of Rs 9.50 to Rs 10.70 until get a clarity."
Recently, in a major relief to Vodafone Idea, the Supreme Court said that the Centre can reconsider and reconcile the telecom company's pending dues of all adjusted gross revenue and it will not be restricted to AGR dues for the financial year 2016-17.
Notably, additional AGR dues of Vodafone Idea are to the tune of Rs 9,450 crore and total AGR demand is over Rs 83,500 crore as of March 2025.