Buy Bharti Airtel around Rs 240-245: Baliga

Ambareesh Baliga, Market Analyst advice traders to buy Bharti Airtel around Rs 240-245.

Baliga told CNBC-TV18, “Telecom, this clarification has come in about charges being prospective. I think that was the clear triggers for these stocks today. Been quiet positive on Bharti Airtel all through especially when it had fallen to levels below Rs 260 closer to Rs 240-245 I have been saying it is a buy, so that still continues. My feel is that we should see levels of about Rs 300-320 for this stock possibly once the spectrum auction is over.”
He further added, “One player which needs to be watched out for is Reliance Industries. In case they come in the total fabric of the telecom industry could change and especially the sort of bidding which could happen. So I think that is the one to be watched out for, because rest of them I really don’t think there will be too aggressive a bidding happening this time. Blame today’s fall on the Morgan Report which came out. Because of that it has fallen. Still if you look at the results, last June and last September and if we compare it with what we could expect for this September I don’t see that to be very negative. Even if we have the profits coming down by 9 percent to what the report has said, still it will be much better show than what we saw between June and September last year as compared to this year.”