Telecom sector in focus: Charts suggest up to 25% upside for Airtel, TTML

Charts suggest that Bharti Airtel can rally to a new high of Rs 800; However, investors need to wait for a confirmed breakout if considering to buy shares of Vodafone Idea.

Shares of Bharti Airtel, Vodafone Idea, Mahanagar Telephone Nigam Limited (MTNL) and Tata Teleservices (Maharashtra) are in the limelight on Friday as the government has approved the much-awaited auction of airwaves capable of offering fifth-generation or 5G telecom services including ultra high-speed internet. The goverment has gave its nod to set up captive 5G networks by big tech firms.

The spectrum auction shall commence on July 26, 2022, with pre-bid conference scheduled on Monday, June 20. 

The telecom industry is expected to shell out around Rs 1-1.1 lakh crore on the 5G auction, despite telcos' reservations over high spectrum