Bharti Airtel headed for a multi-year breakout
Published On: Thursday, August 5, 2021 | By: Team KnowMyStock
Bharti Airtel shares have traded in a broad range of Rs 520 to Rs 200 from mid-2009 till February 2020. The year 2020 saw the counter break past this consolidation range. However, the price action could not lift the volumes in the favour of the bulls. The selling pressure continued to dominate the stock price above Rs 600 mark. Now, it will be Airtel's third attempt to conquer the selling pressure in the range of Rs 630 to Rs 600 levels. And if it breaks past Rs 630, then the stock price could double and enter the 4-digit club in the medium to long-term; possibly in the next eight to 15 months, as per the monthly layout on the chart, experts say.
The immediate breakout hurdle falls at Rs 900-Rs 925 mark, which is the basic difference of the tight consolidation range of 10 years and the differentiation of the selling pressure around Rs 600. While the counter witnessed a significant surge around Rs 600 mark earlier, it truly failed to attract market participants. But, now, if a multiyear breakout happens, the volumes may significantly change hands into the bullish phase and gain aggravated participation.On a bigger timeframe, the support comes at Rs 480 and Rs 400 levels, as per the combination of monthly and yearly charts.
Analysts expect that Bharti’s India mobile average revenue per user (ARPU) will rise as the company migrates subscribers from 2G to 4G, it gains high-value subscribers and further potential tariff hikes.
Tags: Bharti Airtel shares selling pressure monthly layout on the chart average revenue per user (ARPU)
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