Bharti Hexacom shares jump 9% today; what's next for this recent D-Street debutant?

Shares of Bharti Hexacom Ltd surged 8.82 per cent in Tuesday's trade to hit a day high value of Rs 877. At this price, it was just 0.33 per cent away from its listing day high level of Rs 879.90. The counter staged a strong debut on D-Street last Friday (April 12).

At today's high price of Rs 877, Bharti Hexacom's scrip has surged 53.86 per cent compared to its initial public offering (IPO) price of Rs 570.

The stock will see some profit booking in the near term, said Ravi Singh, Senior Vice-President (Retail Research) at Religare Broking. "It may slip to a lower level of Rs 820. Resistance will be at Rs 880," Singh mentioned.

"Support will be at Rs 845 and resistance at Rs 875. A decisive close above Rs 875 level may trigger a further upside till Rs 900. The expected trading range will be between Rs 800 and Rs 900 for a month," said Jigar S Patel, Senior Manager - Technical Research Analyst at Anand Rathi Shares and Stock Brokers.

"Bharti Hexacom has strong support at Rs 832. A daily close above resistance of Rs 879 could lead to target of Rs 955 in the near term," said AR Ramachandran from Tips2trades.

Bharti Hexacom is a wholly-owned subsidiary of telecom major Bharti Airtel Ltd. The company provides fixed-line telephone and broadband services to customers in Rajasthan and North East telecom circles in India. The company provides services in states such as Rajasthan and Arunachal Pradesh, Manipur, Meghalaya, Mizoram, Nagaland and Tripura.