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The sharp rally in the beginning of the week fizzled out completely and Bharti Airtel closed on a flat note. Momentum indicators in the weekly chart are signalling prolonged weakness. Falling volumes are also a source of concern for the stock. Bharti Airtel could slip lower towards the 200-day moving average positioned at Rs 880 in the near-term.

However, medium-term investors can hold the stock as long as the stock holds above Rs 820, where the previous trough was formed. The medium-term outlook will turn overtly negative only on a breach of this level. Resistance for the week would be around Rs 1,030.

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