New Delhi, May 2 -- Shares of telecom infrastructure firm Indus Towers cracked over 7% on Friday, May 2, following the announcement of the January-March quarter results, wherein the company posted a nearly 4% fall in consolidated profit after tax.

Anshul Jain, Head of Research at Lakshmishree Investments, said Indus Towers broke out of a bullish 89-day rectangle at 375 and rallied towards 410. However, Jain said this base lacked institutional participation, and the breakout wasn't backed by above-average volumes.

"The current correction appears to be a retest of the 375 breakout level. With no institutional volume support, there's a high chance the retest might fail, pushing the stock back to its base low of 315. Only a strong defence a...