The index has conquered the resistance of 1,850 mark recently. The current level reflects the retest of the breakout, which the index is holding firmly. The next immediate support comes in at 1,750 which needs to be defended on a closing basis for the index to move higher in the coming sessions. The overall trend suggests that the BSE Telecom index is headed towards 2,000 levels as long as the support is protected, according to the daily chart.
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The medium-term breakout above Rs 650 levels has provided bullish outlook for the stock. The immediate short-term trend suggests the support of 100-days moving average (DMA), currently positioned at Rs 710 levels, should be held. If that happens, the positive trend is likely to sustain and may see Bharti Airtel hit a new high of Rs 800 in the sessions ahead.
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This is the first time after February 2016 that the shares of Vodafone Idea have crossed the 200-weekly moving average (WMA), placed at Rs 15.10 and is making an effort to sustain above it. If that happens, which seems obvious now, the breakout may see Voda Idea stock rush towards Rs 21 levels, gaining almost 40 per cent in the short-term, according to the weekly and the daily charts. The support comes in at Rs 12 and then at Rs 10 levels.
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Nearly after 11 years, shares of Mahanagar Telephone Nigam Ltd (MTNL) have managed to sustain above 100-monthly moving average (MMA) positioned at Rs 17.40. As per the charts, MTNL is headed in the direction of Rs 27, which also is the next obstacle for the counter. The stock has held its support levels from past the four months and continues to display an upward bias, as per the weekly and daily setup.
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