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This stock too did nothing last week; meandering sideways in a narrow band. The near-term outlook for Bharti Airtel remains weak as it is moving sideways below its long-term averages.

The stock can move lower to Rs 790 next week. Penetration of this level will mean that Bharti Airtel is heading towards our medium term target of Rs 670. There is a strong long-term support in the zone between Rs 650 and Rs 700.

The resistance levels for the week would be at Rs 922 and then at Rs 970. The negative outlook for the medium term will be mitigated only on a move past the second resistance. Investors should wait for lower levels to buy the stock. Traders can buy in corrections with a stop at Rs 790.

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