Bharti Airtel shares cross Rs 1,000-mark to hit a record high

Reports last week suggested that the telecom provider has begun the process of taking its subsidiary Bharti Hexacom public.

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Shares of Bharti Airtel gained over 2 percent in early trade on November 29 to hit a record high of Rs 1,007.10, surpassing the Rs 1,000-mark for the first time, and taking the market value to Rs 5.6 lakh crore.

At 10.09am, shares of Bharti Airtel were trading 1.3 percent higher at Rs 997.95 on the National Stock Exchange (NSE).

The Airtel stock has been in the limelight since reports suggested that the telecom service provider has begun the process of taking its subsidiary Bharti Hexacom public. If materialised, it will be the first public offer from the Bharti Group in over a decade.

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The technical setup of the stock also hints at a strong bullish momentum in the coming sessions. The counter also witnessed heavy addition of long positions as open interest surged 5 percent, the highest in a month.

“On the weekly chart as well, Bharti Airtel has convincingly broken through the ‘consolidation’ zone ranging from Rs 960-902, affirming the continuation of the medium-term uptrend,” brokerage firm Axis Securities stated in its report.

The firm also suggested investors to buy the stock in the range of Rs 963-943, with a holding period of three to four weeks. Based on its strong bullish signals, Axis Securities also anticipates a further upside in the counter towards Rs 1,040-1,070.

Also read | Bharti Airtel gains focus as reports suggest process has begun for Hexacom IPO

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