Vodafone Idea fell ahead of earnings, trading below key EMAs with bearish momentum. Analyst Deepak Pal outlined three paths: bull case-funding and ARPU boost to ₹14-₹18m base case-slow 5G rollout to ₹9-₹12 and bear case-funding delays keep it at ₹5-₹6.50. High debt, weak margins, and funding needs make Vi a high-risk, high-reward bet.