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Bharti Airtel has been moving in an upward moving trend channel since February. The current correction from the peak at Rs 960 has dragged the stock towards the lower boundary of this channel. The presence of the 50-DMA also at Rs 856 makes this level an important determinant of the medium term trend. Investors can hold the stock until it stays above Rs 840. Supports below are at Rs 810 and then at Rs 776.

The short-term trend is down since the Rs 949 peak. The stock will face resistance at Rs 896 and then from Rs 919 next week. Inability to rise above the first resistance will be the cue for traders to play short.

— Lokeshwarri S. K.

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