If holding longs in Bharti Airtel, please exit on any bounce. It is in the process of Making a flat channel. Best buy is in the area of 240 with SL. if those levels are held we might see the highs again. The recent move down looks like an impulse. Best to stay away from longs in this counter. Short on rise for ultimate target of 240.
Bharti broke out of the rising wedge as expected and gave some nice gains, as of now Bharti is looking good for some retracement and would be again ready for a short sell trade once it breaks out of the bigger wedge.
1. R1 and R2 act as resistance points
2. Go Long after these resistance points is crossed
3. Go short below 374 for target of 370, 366, 364 with stop loss on high of candle (i.e 378.20)
4. Please note views are on smaller time frame
All the views are for educational purpose only
Bharti Airtel looking strong at current level. After correcting from 540 levels it has formed base at 375 - 380. Currently stock has broken out of a falling wedge pattern and has also formed a downward channel pattern formation. One can go long here with Targets - 412/421/432/437. SL- 392
The stock can also possibly form a Head and Shoulder pattern.