Bharti Airtel - Its still consolidating, waiting for a trigger

Bharti continues to be a good trade on the long side. The markets are a tad soft after a big run from 16800 levels - and a bit of a soft period for the Nifty in the next couple weeks can be expected. So would stay light on the long side as of now - very selective. However Bharti is one stock would stay very productive on because

1. Shake out on 14th of June - went down to 818, clearing weak longs
   
2. Defied the general market weakness last one week or so and continues to consolidate
   
3. Fundamentals & analyst estimates - still positive
   
4. Need a rapid push above 850 to clear the way to 900
   

Again if it cant clear 850 on big volume in the next few days, take your profits and get out at 845 or so. (PS - similar thing happened in Britannia a few weeks back)

Comment:

Moving up now. General market is lacklustre - and that the only risk here.
Dont take profits early - wait for this to show 890 plus and then start taking it off. Long term holders - can wait for 1000 by year end as the monthly setup is pretty good too

Comment:

880 - now at life time high. Take 50% off and ride the rest up

Comment:

882 - stay strong and dont cut & run early. Wait for the stock to take u out at a trailing stop - this cud take out 900 on momentum

Trade closed: target reached:

Exhausted move - may come back to 860. So will take profits and wait on the sidelines for re test of the 21 ema to re enter. A nice little trade this