Mkt to find support at 8150 level, hold long positions: Analysts

In an interview with CNBC-TV18, Sanjiv Bhasin of IIFL says that telecom stocks are an avoid but Bharti Airtel is a buy. He said as the competition intensifies, it might put pressure on the debt. There are rumours that Idea Cellular would merge with Vodafone.
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Dec 01, 2016, 04.36 PM | Source: CNBC-TV18

Mkt to find support at 8150 level, hold long positions: Analysts

In an interview with CNBC-TV18, Sanjiv Bhasin of IIFL says that telecom stocks are an avoid but Bharti Airtel is a buy. He said as the competition intensifies, it might put pressure on the debt. There are rumours that Idea Cellular would merge with Vodafone.

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Mkt to find support at 8150 level, hold long positions: Analysts

In an interview with CNBC-TV18, Sanjiv Bhasin of IIFL says that telecom stocks are an avoid but Bharti Airtel is a buy. He said as the competition intensifies, it might put pressure on the debt. There are rumours that Idea Cellular would merge with Vodafone.

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Equity benchmarks extended losses in last hour of trade with the Nifty breaking 8200 level, dragged by ICICI Bank , Asian Paints , Tata Motors , M&M and Bharti Airtel .

The announcement by Reliance Industries Mukesh Ambani on the extension of the Reliance Jio offer has hit the telecom stocks hard. Starting December 4 every Reliance Jio user will get data, voice, video and a bouquet of other Jio applications fully free up to March 31, 2017.

In an interview with CNBC-TV18, Sanjiv Bhasin of IIFL says that telecom stocks are an avoid but Bharti Airtel is a buy. He said as the competition intensifies, it might put pressure on the debt. There are rumours that Idea Cellular would merge with Vodafone.

Prakash Diwan concurs with the thought and says that telecom space has become competitive. The industry does not have place for more than 4 to 5 players. With the Jio offer, it will be tough for the incumbents, said Diwan.

Ashwani Gujral suggested that people should hold on to their long position. Even on banks he said it is the time to go long.

He added that at 8150 level market will find support. Mitesh Thacker of miteshthacker.com also said that 8150 is an important level and a safer bet would be taking long positions on the stocks.

There was a mild impact on auto stocks. Mahindra & Mahindra was down 2 percent. On the performance of auto stocks Diwan said that there is pressure on these companies now but once the situation stabalises, sometime in January it would be a good time to buy these stocks. He betted on Maruti Suzuki in four wheeler-segment and Eicher Motors in the two-wheeler segment.

Sandeep Wagle of powermywealth.com made a buying call on UPL and sell call on PowerGrid .

Ashwani Gujral betted on Reliance and CESC . Mitesh Thacker made a sell call on Sun TV and buy call on Siemens .

SP Tulsian of sptulsian.com made no positive call on oil stocks. However, he said, with the crude price hike, Dolphin Offshore and Deep Industries can be a buying option.

Sanjay Bhasin added that tyre company Balkrishna  is an outperforming stock.


Reliance Jio is part of Reliance Industries which also owns Network18 and moneycontrol.com

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Mkt to find support at 8150 level, hold long positions: Analysts

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