Telecom Stocks Outlook
To track broader mkt next wk; near term bias positive
This story was originally published at 18:56 IST on 10 April 2026
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MUMBAI – Stocks of telecommunication companies are expected to track the broader markets next week, an analyst at a domestic brokerage said. The analyst is positive on the sector in the near term due to supportive fundamentals, including continued growth in average revenue per user, subscriber growth, increasing market share for the top two players, and strong capital expenditure intensity across the sector. The next positive trigger for the sector would be a tariff hike, the analyst said.
The BSE Telecommunication index ended at 2950.82 points, up 6.9% during the week ended Friday. Next week, the index is likely to find support at 2850 points and face resistance at 3053 points, Ganesh Angaj, head technical analyst at NVS Brokerage Pvt. Ltd., said. Beyond these levels, Angaj estimated support and resistance at 2800 points and 3150 points, respectively.
On recent positive developments for Vodafone Idea Ltd., the analyst said the company must add at least one million subscribers in a quarter before it can be seen as a serious competitor against the top two players, Reliance Jio Infocomm Ltd. and Bharti Airtel Ltd.
"It remains difficult because at the end of the day, Vodafone is competing against much bigger players, it is yet to do a part of its capex, and debt remains much higher compared to peers... I would say if they start adding customers, sentiment might change," the analyst said. Vodafone Idea added 21,927 net subscribers in February, compared with a net loss of 411,337 mobile users in January, according to data released by the Telecom Regulatory Authority of India.
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The following are the resistance and support levels for key telecom stocks for next week as per calculations based on their prices on the National Stock Exchange:
| Company | Price | Week-on-week change in % | Resistance | Support |
| Bharti Airtel | 1,870.00 | 4.50 | 1,882.90 | 1,853.50 |
| Mahanagar Telephone Nigam | 29.42 | 19.90 | 31.90 | 27.00 |
| Reliance Industries | 1,350.20 | (-)0.00 | 1,365.50 | 1,323.90 |
| Tata Communications | 1,509.00 | 8.80 | 1,548.20 | 1,450.40 |
| Tata Teleservices Maharashtra | 41.94 | 15.40 | 46.60 | 38.20 |
| Vodafone Idea | 9.25 | 7.80 | 9.50 | 9.10 |
| Index | Levels | |||
| Nifty 50 | 24,050.60 | 5.90 | 24,211.40 | 23,776.00 |
| S&P BSE Sensex | 77,550.25 | 5.80 | 78,112.60 | 76,570.00 |
End
Reported by Shakshi Jain
Edited by Saji George Titus
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