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Technical View on telecom sector

Posted 28 Dec 10 | 07:22 PM by :
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Technical View on Telecom Sector Stocks by: www.intraday-stock-tips.co.cc

There are no clear patterns, neither to go short, nor to go long in telecom sector stocks at the moment but if any kind of strength is seen on the charts, you should go on exiting in a staggered manner. I recommend a hold on Bharti because it is trading about a rising trend line. If it trades below Rs 324, then your stop loss gets hit and you should be out of Bharti also. In case of strength, the upside targets are 360 and going forward 376.

Idea is consolidating for quite some time now and any strength around Rs 76-78 should be good exit.

On Friday, Reliance Communications showed strength, then fizzled out yesterday, and is again showing some strength today. But there is no clear pattern confirming any reversal of the downtrend. It is taking resistance at level. If that is surpassed, RComm could move around to Rs 157 levels where you can consider an exit.

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