Telecom Stocks Outlook
Mixed view; sector to track broader markets
This story was originally published at 23:27 IST on 28 August 2026
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NEW DELHI – The movement in stocks of telecommunications companies in the upcoming week is likely to be mixed and scrip-specific, according to analysts. Friday, data from the Telecom Regulatory Authority of India showed that all four players –- Bharti Airtel Ltd., Jio Infocomm Ltd., Vodafone Idea Ltd., and the state-owned Bharat Sanchar Nigam Ltd. -- expanded their mobile subscriber base in July, pointing to a broader expansion in India's telecom market. The broadband subscriber base also strengthened slightly month-on-month. Market participants are now watching out for industry-wide tariff hikes, widely expected in the December quarter.
Despite these positive operating trends, the near-term sectoral outlook remains somewhat subdued and stock movement is likely to depend heavily on the broader market environment, according to Sugandha Sachdeva, founder of equity, commodity, and currency research firm SS WealthStreet.
"Key factors to watch include FII (foreign institutional investor) flows, movement in the dollar index, crude oil prices, geopolitical developments, and the evolving US interest-rate outlook," Sachdeva said. These global variables, along with the overall performance of the domestic equity markets, are likely to determine whether telecom stocks can build on recent fundamental improvements or will remain range-bound in the near term, she added.
Next week, the BSE Telecommunication Index is expected to find initial support at 3640 points and face resistance at 3790 points, according to Ganesh Angaj, head technical analyst at NVS Brokerage. Beyond these levels, Angaj anticipates support and resistance at 3550 points and 3880 points, respectively.
Friday, the key sectoral index ended 0.5% higher at 3704.69 points, helped by the sharp rise in stocks of Tata Teleservices (Maharashtra) Ltd. and Tejas Networks Ltd. At the same time, as many as eight index constituents ended the last session of the week in the red, including Vodafone Idea Ltd., Indus Towers Ltd., and Bharti Hexacom Ltd. The index rose a shade over 2% for the week, much higher than the benchmark BSE Sensex, which rose 0.4% on week.
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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 | 1,882.40 | (-)3.30 | 1,908.10 | 1,854.70 |
| Mahanagar Telephone Nigam | 27.25 | 1.60 | 29.10 | 25.50 |
| Reliance Industries | 1,287.00 | (-)2.20 | 1,298.10 | 1,274.50 |
| Tata Communications | 1,694.70 | 2.40 | 1,718.20 | 1,666.40 |
| Tata Teleservices (Maharashtra) | 38.84 | 2.80 | 42.70 | 34.50 |
| Vodafone Idea | 14.68 | 5.30 | 15.30 | 14.30 |
| Index | Level | |||
| Nifty 50 | 24175.65 | (-)0.30 | 24258.40 | 24035.50 |
| S&P BSE Sensex | 77264.51 | (-)0.40 | 77573.30 | 76833.80 |
End
Reported by Shakshi Jain
Edited by Rajeev Pai
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