With the recent downfall in the market, Bharti Airtel broke its trend line and unable to make a higher high due to resistance from the multi-year trend line.
At the bottom, it is standing at a very important support/demand zone, if broken, one can look for short sell with given targets.
If it sustains above the support, it will be a potential consolidation and one can look for buys after a strong rejection from the support zone.
Note: For education purposes only! Do your own study before taking the trade.
@suresh87, More probability of 600 because with yesterday's huge volume, it couldn't break the support.
Moreover, I expect the price to range b/w 550 & 600 before giving any major breakout or breakdown.
We will have to wait for a couple of days before taking the trade as for up move, we need a strong bullish 1D candle.
And if the markets remain bearish, we can see a breakdown soon.
Shankgreyjedi
⋅
@Romi001, Rightly said. It will be better to square off the long position in Airtel and sit on the short side for a few days, since the dollar index rallied more after our markets closed. Hence, we can expect another gap down, on Monday. Dollar index moving up is nothing but FIIs selling more. So till the time the currency doesn't adjust its better to sit on the short side.