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This stock made a feeble attempt to move higher last week, but the rally was arrested below our second resistance at Rs 830 reaffirming the negative medium-term outlook for the stock. If the support at Rs 700 is breached, Bharti could decline to Rs 685 or Rs 604.

The medium-term targets for the third leg of the down-move from the October peak stays at Rs 700 and then Rs 545.

In other words, long-term investors can watch for a reversal from Rs 700 for making staggered purchases. The resistances for the week are at Rs 825 and then at Rs 865. The medium-term outlook will turn positive only if the stock moves past Rs 900.

— Lokeshwarri S. K.

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