Time to go long on Bharti Airtel

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After the losses faced by the Telecom shares earlier, the stocks have seen some bullish trend during today’s trading session as the share price of Bharti Airtel rose by 7% and also its competitor Reliance Industries jumped over 13% as the leading stock of the Indian Indices were reported to be bullish. Airtel is one of the leading and most trusted provider of Information and Communication Technologies (ICT) services in India and also offers a wide range of services to its customers accordingly. The company operates in over 20 countries across Asia and Africa by providing the services at affordable rates. The telecom industry in India is the second largest in the world by the number of telephone subscribers which generates a revenue of Rs.14.5 lakh crore.
The company along with its competitors were asked to pay their dues along with hefty penalties which was approved by the Department of Telecommunications (DoT) to be paid in annual instalments for over 20 years in order to avoid the impact on the economy. The decision was taken to revive the industry as the hefty amounts would help in the development of the industry. The Ichimoku cloud indicator portrays bullish trend for the stock as the formation of the green cloud continues for the stock in an upward direction. The base line is above the conversion line which indicates a buy signal along with the upward trend shown by the Chikou span line. The bullish trend of the stock can be seen by the frequently appearing engulfing bullish candlestick which helps in mitigating the losses.

 
The company along with its competitors are in talks with the TRAI about the “tariff issues” upon which all the companies have synced with the consultation with the regulatory. Each operators have demanded a floor price for data, voice call and SMS to the regulatory which would also boost the performance of the companies as the revenue would increase for the companies as the competitor, Vodafone-Idea Ltd highlighted the deep financial stress in the telecomm sector. With the lockdown of companies, the culture of work from home has been adopted for running the operations of the business which would increase the data consumption by the employees as the overall traffic have surged by 10% since the lockdown situation. The super trend chart along with Stochastic RSI shows that the bearish trend of the stock has halted and the formation of bullish candlestick. The Stoch RSI also indicates that the stock was being oversold which has ended as the averages are moving in an upward direction.


The bullish trend of the stock might continue over a few trading sessions as the lockdown would help the business of the telecom service providers along with the judgment of the SC to pay the AGR over annual instalments

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