Telecom Stocks Outlook
Seen steady; earnings, tariff hike next triggers
This story was originally published at 20:56 IST on 3 July 2026
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NEW DELHI – Stocks of telecommunications companies are likely to hold steady next week, according to analysts tracking the sector. The next set of triggers for these companies includes earnings for the June quarter, followed by the much-awaited tariff hike.
Some analysts also believe telecom stocks may track the broader markets in the near term, which have priced in the impact of the West Asia war and will be further guided by Apr-Jun earnings of companies.
Piyush Pandey, senior vice-president and research analyst at Centrum Broking Ltd., expects Bharti Airtel Ltd. and Vodafone Idea Ltd. to report a sequential increase of 1.5% in their respective average revenue per user, helped by the migration of the second generation network users to 4G and 5G. Meanwhile, Reliance Jio Infocomm Ltd. is likely to report a slower ARPU growth of 1% quarter-on-quarter, Pandey said. He also believes the next tariff hike in the sector, broadly expected some time in the ongoing quarter, may be pushed to the December quarter amid larger inflationary pressures expected for customers.
Next week, the BSE Telecommunication index is expected to find initial support at 3575 points and resistance at 3730 points, according to Ganesh Angaj, head technical analyst at NVS Brokerage Pvt. Ltd. Beyond these levels, Angaj estimated support and resistance at 3450 points and 3850 points, respectively.
Friday, the key sectoral index ended 0.8% higher at 3632.03 points. The index fell marginally for the week while the benchmark BSE Sensex rose nearly 1% for the same time frame.
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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 | 1910.40 | 3.20 | 1930.80 | 1874.80 |
| Mahanagar Telephone Nigam | 30.00 | (-)0.50 | 31.10 | 29.20 |
| Reliance Industries | 1304.00 | (-)1.10 | 1316.00 | 1296.00 |
| Tata Communications | 1906.70 | (-)4.30 | 1997.00 | 1848.80 |
| Tata Teleservices Maharashtra | 42.77 | (-)0.00 | 43.90 | 42.00 |
| Vodafone Idea | 14.25 | 1.40 | 14.70 | 14.00 |
| Index | Levels | |||
| Nifty 50 | 24270.85 | 0.90 | 24426.30 | 24174.70 |
| S&P BSE Sensex | 77763.91 | 0.90 | 78324.70 | 77429.60 |
End
Reported by Shakshi Jain
Edited by Akul Nishant Akhoury
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