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Bharti Airtel tested the support at Rs 840 last Monday; reversing from an intra week low of Rs 834. Though this key support is holding, the recovery was rather tentative. The medium-term trend continues to be down in the stock. The resistance levels for the week ahead would be at Rs 950 and then Rs 1,017. Momentum indicators signal a short-term rally in the stock. However, traders can go short if the stock fails to move above Rs 950.

The downward targets for the near term are Rs 838 and then Rs 800. Investors can hold the stock with a stop at Rs 740.

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