Trade Idea of The Day - Bharti Airtel Ltd Target Rs.40- Religare Broking Ltd
Bharti Airtel Ltd
BUY 30 MAR 1800 PUT SELL 30 MAR 1740 PUT Bharti Airtel Ltd Entry Range 19 – 21 Target Range 40 Stop Loss 10
Rationale
* On the weekly chart BHARTIARTL has slipped below the crucial support zone near 1800-1820, indicating a potential trend reversal after a prolonged uptrend. Sustained trading below this level suggests increasing downside pressure.
* The MACD has witnessed a bearish crossover with histogram expanding in negative territory, reflecting strengthening downside momentum and confirming the prevailing bearish bias.
* 14-Day RSI has dropped toward the lower band around the 30-35 zone, highlighting fading bullish strength and increasing selling pressure on the weekly timeframe, favouring a cautious or sell-on-rise approach.
* Until the prices reclaim the broken support, prices may gradually drift toward the next immediate support of 1740-1730 zone, below this zone major support aligned with the 1500 mark.
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