Bharti Airtel may slip to Rs 230: Gujral

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Bharti Airtel may slip to Rs 230: Gujral

Bharti Airtel may slip to Rs 230, if it breaks support of Rs 280, says Technical Analyst, Ashwani Gujral.

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Excerpts from Closing Bell on CNBC-TV18 Watch the full show » ALSO READ See previous views by Ashwani Gujral See what other Experts & Brokerages are saying about Bharti Airtel See messages about Bharti Airtel Bharti Airtel BSE | NSE 13/02/12 Are Mutual Funds betting on Bharti Airtel?

Technical Analyst, Ashwani Gujral is of the view that Bharti Airtel may slip to Rs 230, if it breaks support of Rs 280.

Gujral told CNBC-TV18, "One need to stop trying to value buy on telecom stocks because stocks need to find a base before they bottom come out. Bharti Airtel broadly is in range of Rs 280 to Rs 325, incase Rs 280 goes then you go another step lower which is around Rs 230. Similarly with Reliance Communications (RComm), the range out there now is broadly is Rs 150 to Rs 180. So at lower levels you could probably buy a bit, hoping for a bounce in say RComm. But overall you won't try to buy in to these stocks, you would much rather buy something like Yes Bank, which is in a pretty strong trend or Punjab National Bank (PNB) rather than look at trying to buy Bharti on all declines."