October 07, 2015
Bharti Airtel (NSE Cash)
` 356
` 343 - 346
` 321
14 - 21 sessions
Daily Chart
Source: Falcon (Chart Time:
09:35 IST)
The stock is moving in corrective price action from last ten weeks, wherein, the stock had breached its crucial
support of ` 370 in weekly chart and continued to fall towards ` 315.60 levels. Recently, the stock has seen
decent recovery from the lower levels. But, the pull-back seems exhausted as the stock has taken resistance
around the breakdown levels in the daily chart and formed a ‘Doji’ candle in yesterday’s session (see exhibit).
Today, the price is moving below the low of the ‘Doji’ candle and thus indicates weakness in the counter. The
‘RSI’ oscillator is also showing negative reversal (hidden divergence) in the daily chart, indicating resumption of
down move on cards. Looking at the above technical evidences, we are expecting a healthy correction in the
stock. Thus, we advise traders to sell this stock at current levels and on rise to ` 346 for a target of ` 321 in
coming 14 to 21 trading sessions. The stop loss for this trade set up can be kept at ` 356.
October 07, 2015
Last 5 recommendations
Recom. Buying/Selling Range
Target 1
Target 2
1250 - 1255
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293 - 291
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532 - 536
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Source: Angel Research
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