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Bharti Airtel achieved our short-term target of Rs 1,066 before moving lower, reinforcing our cautious medium-term outlook. The 10-week ROC oscillator slipping in to the negative zone is yet another signal that the stock could have commenced the third wave down from the peak at Rs 1,140. As per this count, the stock can move lower towards Rs 870 or even Rs 751. But long-term investors can stay invested in this stock as long as it stays above Rs 750.

The near-term outlook for the stock is negative. Traders can short the stock in rallies with a stop at Rs 1,070. Supports in the week ahead will be at Rs 919 and then Rs 900.

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