Telecom Stocks Outlook
Seen moving sideways next week
This story was originally published at 22:06 IST on 19 July 2024
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MUMBAI – Shares of telecommunication companies are likely to see sideways movement in the upcoming week amid key events such as the Union Budget, analysts said. Deven Mehata, an analyst with Choice Broking, said one should expect sideways movement with some corrections from the stocks in the sector.
"Even though markets ascended to record levels globally and domestically this week, a correction has set in due to profit bookings," he said. The analyst added that key stocks in the sectors such as Reliance Industries are unable to breakout and are seeing profit bookings. However, he said the downturn has been due to overall market factors and not due to any weakness within the sector, adding that investors should adopt a "buy on dips" strategy for the stocks in the sector.
The key stocks in the sector will see a continuation of profit booking next week despite positive momentum seen in earlier sessions of this week, Brijesh Ail, head of technical and derivatives at IDBI Capital Markets & Securities said. He added that the upcoming Union Budget is unlikely to impact stocks in the sector.
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* Govt asks telecom cos to pay for 5G spectrum auctioned in Jun
* Data Alert: India net adds 2 mln mobile subscribers in May
* SC to take a call on listing Vodafone Idea's curative plea on AGR dues
* MTNL misses escrow transfer for coupon payment due to lack of funds
Following are the resistance and support levels for the stocks for next week as per calculations by Informist based on their prices on the National Stock Exchange:
| Company | Price | Week-on-week change in % | Resistance | Support |
| Bharti Airtel | 1,461.75 | 2.00 | 1492.60 | 1436.50 |
| Mahanagar Telephone Nigam | 69.32 | 50.10 | 73.50 | 63.30 |
| Reliance Industries | 3110.30 | (-)2.60 | 3206.30 | 3057.60 |
| Tata Communications | 1788.40 | (-)3.80 | 1921.30 | 1713.60 |
| Tata Teleservices Maharashtra | 102.14 | 33.20 | 120.30 | 84.30 |
| Vodafone Idea | 15.87 | (-)1.40 | 16.70 | 15.40 |
| Nifty 50 | 24530.90 | 0.10 | 24977.90 | 24284.60 |
| S&P BSE Sensex | 80604.65 | 0.10 | 81985.80 | 79808.50 |
End
Reported by Pradeep Suresh V.
Edited by Vidhi Verma
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