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The flood-gates of selling were opened in Bharti Airtel last week once the stock fell below the key support at Rs 820.

As written in our previous column, the fall below Rs 790 signifies that the stock is charting the third leg of the down-move from the October peak and this move has the targets of Rs 700 and then Rs 545.

However, retracement of the move from June 2006 to October 2007 gives us an interim support at Rs 633.

For the short-term, the stock could receive support form the zone between Rs 700 and Rs 750. Resistances for the week would be at Rs 800 and then Rs 830.

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