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We had expected a quiet consolidation phase between Rs 1,050 and Rs 1,150 in our previous column. But the stock has already tested the Rs 900 level in the current correction. However, our medium term outlook for the stock stays positive and we adhere to the view that the stock is charting the third leg of the move that commenced in June 2006. This view will be negated only on a fall below Rs 750.

But the short-term trend is down in Bharti Airtel. Immediate resistance is present at Rs 1,055. Fresh longs for the short-term should be initiated only on a rally above Rs 1,055. There is a strong support zone between Rs 900 and Rs 920 that can cushion any fall.

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