Bharti Airtel shares post best week in three months; Fourth best Nifty gainer in 2024 – CNBC TV18

Shares of Bharti Airtel Ltd. ended Friday’s trading session as the top gainer on the Nifty 50 index with gains of over 4%. The stock gained in four out of the five trading sessions this week.

For the week, the stock telecom service provider ended with gains of over 5%, which is the best performance for the stock in a week since September.

On the charts, the stock is now nearing overbought territories with the Relative Strength Index (RSI) at 63. An RSI reading above 70 indicates that the stock is “overbought.”

For the year so far, Bharti Airtel shares are up 63%, making it the fourth best performer on the Nifty 50 index for 2024, after Trent, Mahindra & Mahindra (M&M) and Bharat Electronics (BEL).
Bharti Airtel shares have delivered positive returns in a calendar year every single year starting 2019. This is Bharti Airtel’s best performance in a calendar year since 2017, during which it had gained 73%.

Analysts who have coverage on Bharti Airtel project more upside on the stock. Out of the 35 analysts who have coverage on Bharti Airtel, 29 of them have a “buy” rating on the stock, four say “hold”, while two have a “sell” recommendation.

New Street Research has the highest price target on Bharti Airtel at ₹2,070, which implies a potential upside of 22% from current levels.

Avendus Spark has the lowest target for Bharti Airtel on the street at ₹1,120.

Market expert Hemang Jani told CNBC-TV18 that when comparing the two telecom companies, the risk-reward is currently favourable for Reliance Industries compared to Bharti Airtel.

Shares of Bharti Airtel ended 4.4% higher on Friday at ₹1,682.5.