Airtel & Vodafone Idea: Here's what Kiran Jani of Jainam Broking says on these 2 telecom stocks
Airtel & Vodafone Idea: Here's what Kiran Jani of Jainam Broking says on these 2 telecom stocks
Kiran Jani, Head of Technical Research at Jainam Broking, on Friday, said the telecom counter largely looked positive, given the recent tariff hike announcements. Reliance Jio and Bharti Airtel Ltd have already increased their mobile tariffs, effective from July 3, 2024. Vodafone Idea Ltd (VIL) is likely to follow suit, Jani told Business Today TV.
Consumers would be spending more on mobile bills after these tariff hikes, but it is widely believed that the move can be beneficial for all telecom players as they have not raised tariffs since 2021.
On the stock-specific front, Jani said, "Airtel has already given a breakout above Rs 1,450 level. So, any dip towards Rs 1,450 could be used as a buy opportunity. One can expect a target price of up to Rs 1,550, keeping a strict stop loss placed below Rs 1,420." Shares of Airtel jumped 4.57 per cent to hit a 52-week high of Rs 1,539.10. However, the stock gave up its entire gains as the session progressed and was last seen trading 0.05 per cent lower at Rs 1,471.
For VIL, the market expert said, "We can expect a good amount of move in this stock. Price-wise, any dip towards Rs 18.50-18 levels could be considered as a buying opportunity. Next resistance is placed at Rs 22. Keep a strict stop loss below Rs 17 of this trade." VIL shares today moved 3.40 per cent up to hit a fresh one-year high of Rs 19.15. The counter later erased all its initial gains and was trading 1.89 per cent down at Rs 18.17.
Meanwhile, Indian equity benchmarks today continued their record run for the fourth straight session, led by gains in metal, pharma, healthcare, state-owned lenders and energy stocks. The 30-share BSE pack hit a record high of 79,672 and the broader NSE Nifty scaled a fresh lifetime peak of 24,174. India VIX, fear index, fell 0.72 per cent to 14.05-level. Broader markets (mid- and small-cap shares) were up as well.
14 out of the 16 sector gauges -- compiled by the NSE -- were trading in the green. Sub-indexes Nifty Metal, Nifty Pharma, Nifty Healthcare, Nifty PSU Bank and Nifty Oil & Gas were outperforming the NSE platform by rising as much as 1.08 per cent, 1.41 per cent, 1.32 per cent, 1.98 per cent and 1.63 per cent, respectively. However, Nifty Auto and Nifty Private Bank slipped 0.02 per cent, each.
The overall market breadth was strong as 2,254 shares were advancing while 1,333 were declining on BSE.
Foreign institutional investors (FIIs) bought Rs 7,658.77 crore worth of shares on a net basis during the previous session while domestic institutional investors (DIIs) sold Rs 3,605.93 crore worth of shares, exchange data showed.
Watch Live TV in English
Watch Live TV in Hindi