Megapixel,
Instead of going by the reputation and intuition, it is nice to look at the fundamentals of the company sometimes. There is some hope for you if the government allows FDI in retail (Bharti-Walmart) in the second week of September, technical pull back is also possible, but there is little else for the stock. If the suggested positive trigger does not happen, the stock is likely to remain downward bias for sometime and likely to range in a trade after the correction is over.
Just look at the debt on telcos books..avoid them I would say. Mukesh Ambani will also bid in upcoming auction. Which means more debt borrowing by present operators for spectrum buying, more competition, more margin squeeze and then there is spectrum re-farming issue which will hurt present operators. If that is not enough, in 2013 or 2014 they will be mother of all auctions: 4G. Mukesh Ambani, despite
already having all India 4G spectrum and licence, will bid in the future 4G auction because of the "golden" 700 Mhz band. Means more "blood bath"! All and all situation is becoming messy in telecom..and market is not happy about it.
Still I feel the sector has a bright future but not presently. Will take some time, some consolidation. It has gone for 2 years I think.
Disclosure: No **current** position in any telco stocks. Do take your own call after considering everything. I could be wrong also.