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Heading into the new year, the overall trend for telecom stocks remains positive, but counters of leading companies could see some profit booking in the coming week. Stocks of Bharti Airtel Ltd and Idea Cellular Ltd are expected to see a downward correction of about 5-7% in the coming two weeks. However, investors have mostly taken long positions in the January futures contract in telecom stocks, indicating bullish sentiment. Next week, the ministerial panel on spectrum is expected to meet to decide on the timeline and auction modalities for sale of spectrum in Delhi, Mumbai, Karnataka and Rajasthan circles in the 1,800 MHz bandwidth and for Delhi, Mumbai and Kolkata circles in the 900 MHz bandwidth. Both existing and new service providers are expected to clamour for the lucrative 900 MHz spectrum bandwidth when it is put on the block before the end of the current financial year. Bharti Airtel, which has risen about 3.8% over the last one week, is expected to see some correction and find support at 299-300 rupees. Initial resistance for the stock is seen at 330 rupees and then at 336 rupees.
