Reliance, Bharti Airtel, Indus Towers: Key support and resistance levels for these buzzing telecom stocks

Indian benchmark indices ended on a flat note during the trading session on Tuesday. Mixed cues from the global markets dented the market sentiments and street participants are awaiting quarterly results of India Inc due next week. BSE Sensex shed 34.74 points, or 0.04 per cent to end at 79,441.45. NSE's Nifty50 index gave up 18.10 points, or 0.07 per cent, to settle at 24,123.85 for the day.

Some buzzing telecom stocks namely Bharti Airtel Ltd, Reliance Industries Ltd and Indus Towers Ltd are likely to remain under the spotlight of traders for the session today. Here is what Pravesh Gour, Senior Technical Analyst, Swastika Investmart has to say on these stocks ahead of Wednesday's trading session:

Bharti Airtel | Resistance: Rs 1,490-1,600 | Support: Rs 1,365

Airtel has been experiencing a remarkable bull market, showing significant strength recently, and forming a pattern of higher highs and higher lows. The rally is expected to continue. Currently, the stock has taken support at its 20-day moving average (DMA) of Rs 1,414. If the stock slips below this level, it may weaken to the next support at Rs 1,365. On the upside, the first resistance is at 1490. If the stock breaks and sustains above this level, it could move towards 1600 in the short term.

Reliance Industries | Resistance: Rs 3,250-3,333 | Support: Rs 3,100-3,000

Amid the tariff hike news, the telecom sector has shown strong momentum recently. Reliance has recently given a breakout from a trendline resistance and surged to its all-time high level of Rs 3,162. Currently, the stock has been forming a flag pattern at higher levels. A breakout above Rs 3,162 could lead to a rally towards Rs 3,250 and Rs 3,333 levels in the short term. On the downside, the first support is placed at Rs 3,100. Any slip below this could lead to the important support level of Rs 3,000.

Indus Towers | Resistance: Rs 444-500 | Support: Rs 350

Indus Towers has recently witnessed a flag formation breakout on the daily chart. As the charts look very promising, the stock can continue this rally further to Rs 444 and Rs 500 levels in the short term. On the downside, the important support is at Rs 350, where the 20 and 50 DMAs are placed.



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