Telecom stocks have been in news a lot.
- Supreme Court Case
- Tariff Hike
- Investments in Jio Platforms
- Speculation in Future business model of IDEA
I am going to write on 3 actions in markets related to Bharti Airtel.
Price Action – Bharti has broken a crucial Support area of 508-510 recently and it’s below it’s 200 EMA.
Derivatives Action – From 6 crore shares in MAY series to 14 crore shares in September series with a fall in price.(yellow bars in lower panel are Open interest bars)
Below is 5 year chart of Bharti and Open interest is at all time high.Bharti has never witnessed such High OI.
Fund Actions – GIC Singapore has been cutting their stake.From 3.62% in Jan 2020 to 1.7% in June 2020.As per this graphic below other than GIC the large funds are LIC , and various MFs.(GIC stake is in purple color shade)
Based on these actions i have a short bias in short to medium term on Bhartiartl. News flow that i am closely watching are – Tariff hike and action by VI(vodafone idea).
A trader should respect Price Action and an investor should respect fundamental of the business.As a data person i also respect Actions by market participants a lot.
Disclaimer – I am not sebi registered. Kindly consult your financial Advisor.
Charts – MyFnO, bajaar.me, Zerodha.
Happy Trading and Investing.
Comments are welcome.
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Read it late. But nonetheless never late to compliment. Good one.
Thanks a lot.
Current chart formations along with OI calls for continuing with the above view. Just that it is taking time to stay between 415-440. Will wait till it breaks either side.