balaji_damo
Short

Airtel Broke multiyear support broken

NSE:BHARTIARTL   BHARTI AIRTEL LTD
Airtel has broke multiyear support with a fundamental trigger of acquiring Tata teleservices.

450 is multiyear support and has been breached recently. Expecting a mild pullback to the support line.

This is low risk high reward setup as SL is smaller than target. Short at 473 with strict SL at 480 for a target of 450.

If the Q2 results are not good it can test 400 levels again as it gapped up from there with heavy volume .

Comment: 450 was previous resistance and it has become support now. I am expecting it to test the support line again (mean bearish).
Trade closed: stop reached: SL HIT.
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