Telecom Stocks Outlook
May mirror mkt next week amid lack of major triggers
This story was originally published at 20:42 IST on 27 December 2024
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MUMBAI – Shares of telecommunication companies are expected to mirror the benchmark equity indices next week amid lack of major domestic and global triggers, analysts said. The benchmarks will likely be bound to a tight range until companies begin rolling out their earnings for the December quarter or till any other significant cues arise, they said.
Shares of index heavyweight Bharti Airtel rose 1.4% this week, slightly higher than the 1% rise of the benchmark Nifty 50 index in the same period. Shares of another heavyweight Reliance Industries, parent of Reliance Jio Infocomm, rose 1.3% this week, and those of Vodafone Idea gained 1%.
Data from the Telecom Regulatory Authority of India had on Monday showed that the loss of wireless subscribers for Indian telecom operators fell to 3.31 million users in October from a loss of 10.11 million users in September. Bharti Airtel and Bharat Sanchar Nigam added users, while Mahanagar Telephone Nigam, Vodafone Idea and Reliance Jio Infocomm lost users in October, it showed.
The on-month fall in the industry's wireless subscribers was largely due to the clean-up of inactive subscribers by Reliance Jio, Motilal Oswal Financial Services said in a report. However, the impact of the tariff hike-led consolidation in subscriber identity module, or SIM, seems largely behind with net additions recovering for Bharti Airtel and gains moderating for BSNL, the brokerage said.
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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 | 1,599.85 | 1.40 | 1640.40 | 1576.10 |
| Mahanagar Telephone Nigam | 50.13 | (-)4.40 | 52.10 | 48.90 |
| Reliance Industries | 1221.05 | 1.30 | 1232.90 | 1211.10 |
| Tata Communications | 1713.60 | 0.20 | 1759.80 | 1681.90 |
| Tata Teleservices Maharashtra | 76.42 | (-)1.80 | 78.20 | 74.70 |
| Vodafone Idea | 7.47 | 1.00 | 7.70 | 7.40 |
| Nifty 50 | 23813.40 | 1.00 | 23989.20 | 23712.70 |
| S&P BSE Sensex | 78699.07 | 0.80 | 79224.90 | 78335.70 |
End
Reported by Alina Geogy
Edited by Akul Nishant Akhoury
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