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Bharti Airtel was in no mood to consolidate sideways as we had expected, electing to surge a whopping 8 per cent for the week instead. It is either a third or a fifth wave extension, both of which denote a strong bullish under current in the stock.

As mentioned in our previous columns, the stock is charting the third wave from the June 2006 low.

This wave has the minimum target of Rs 1,750 (long-term target).

For the near-term, a move between Rs 1,050 and Rs 1,150 seems possible.

Move below the lower boundary will make the stock fall to Rs 996. Our positive outlook for the medium term will be negated only on a fall below Rs 990.

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