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Bharti Airtel crumbled by almost 10 per cent last week. The stock moved below its long-term 200-day moving average and hovered below this support in the later half of the week. The target of the third part of the move from Rs 1,140 peak falls at Rs 870 and then Rs 751.

Investors can wait for a reversal from the second target before initiating fresh long positions.

For the short-term, the zone between Rs 900 and Rs 930 needs to be carefully monitored. Failure to rally above this zone will be a cue for traders to initiate fresh short positions with a stop at Rs 960.

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