Vodafone Idea, Bharti Airtel shares plunge over 10 pct in two days; right time to buy, say experts
Vodafone Idea and Bharti Airtel share prices have fallen over 10 per cent in the last two sessions. According to stock market experts, there are a combination of reasons that worked against the telecom stocks at Dalal Street.
Vodafone Idea and Bharti Airtel share prices have fallen over 10 per cent in the last two sessions. According to stock market experts, there are a combination of reasons that worked against the telecom stocks at Dalal Street. They said that weak market sentiment, disclosure of the AGR dues by Government and rising competition in the telecom space have together led to tanking of these two telecom stocks.
Speaking on the reason for the crash in Vodafone Idea and Bharti Airtel shares, Sumeet Bagadia, Executive Director at Choice Broking said, "Recently, stock market sentiment has become bearish and even stronger stocks are going southwards and telecom stocks are not an exception to it. Apart from this, the sentiment against the Vodafone Idea shares and Bharti Airtel share price became especially negative after the recent launch of new Reliance Jio plans. Apart from this, the Narendra Modi government the day-before-yesterday disclosed the AGR payment dues of Vodafone Idea and Bharti Airtel that also went against these shares."
Speaking on what the technical chart suggests in regard to Bharti Airtel and Vodafone Idea shares, Rohit Singre, Senior Technical Research Analyst, LKP Securities said, "Bharti Airtel has strong support at Rs 410 and if this support is broken, then the next support will be Rs 385, Vodafone Idea has strong support at Rs 7.50 and has strong resistance at Rs 12 to Rs 13 per stock mark."
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On what investors should do in regard to Vodafone Idea and Bharti Airtel shares, Bagadia said, "Bharti Airtel shares have a strong support zone from Rs 415 to Rs 430. One should buy Bharti Airtel shares in this range for the target of Rs 47 to Rs 480 per stock. After hitting this target the telecom stock may go up to Rs 510 to Rs 520 in one month."
On Vodafone Idea share price forecast, the Choice Broking expert said, "Vodafone Idea shares have strong support at Rs 7 and one can buy this stock from Rs 8 to Rs 9 for the immediate target of Rs 12 in 15 days to one week time-horizon."
Sharp decline in Telecom subscribers in the month of June
Subscribers base fell by nearly 32 lakhs, only Jio gained subscribers
Subscribers base fell by 31, 99,739
Airtel lost 11,28,775 subscribers
VI lost 48,21,515 subscribers
Jio gained 44,99,474 subscribers
BSNL lost 17,44,788 subscribers
(With inputs from Daanish Anand)
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