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Bharti reversed below Rs 950, in line with our expectation and fell to an intra-week low of Rs 860. The stock is moving in the island formed by the 50- and 200-day moving averages.

The momentum indicators in the daily chart suggest that the stock can move higher to Rs 950 in the near term. But caution is advised until the stock records a close above this level.

A reversal from Rs 950 will accentuate the medium term down trend and there can be a steep fall to Rs 828 or Rs 750. The medium-term outlook for this stock stays negative as long as it trades below Rs 1,030.

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