www.rupeedesk.in
After the recent rally in the stocks of Reliance Communications, upside in the stock looks limited next week as investors may now book profit. The stock has not been able to close above its crucial resistance level of 113 rupees this week, and a correction is expected in the scrip going forward. Investors are recommended to book profits at the current level and may re-accumulate the stock when it declines to 88 rupees.
In the last one month, the stock has gained as much as 38% as sentiment around it has remained positive aided by prospects of a possible tower sharing deal with Reliance Industries and stake sale in arm Reliance Globalcom. These would help bring down its burgeoning debt Bharti Airtel is expected to continue trading with a bearish bias next week, with another 4-5% downside expected after having declined 3% this week. Bharti Airtel's addition of mobile subscribers for April was lower than its competitors, with the company adding just 601,252 subscribers in the month. Vodafone India and Idea Cellular added 1.42 mln and 1.28 mln subscribers, respectively, in April.
