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Bharti Airtel too reversed after a strong showing in the earlier part of the week. A three part move appears to have been completed from the recent trough at Rs 700.

If this was the second leg of the down-move from Rs 1,140, the third leg can drag the stock lower to Rs 670 over the medium term.

The weekly close below the 200-day moving average line is a negative.

But as we keep reiterating, the stock has strong long-term support in the area around Rs 700.

Short-term traders can short the stock in rallies with a stop at Rs 925.

Investors can buy the stock once it nears the long-term support zone around Rs 700.

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GEMS from Kotak Securities

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