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Bharti Airtel moved higher to the second target at Rs 850, indicated in our previous column. We had also propounded the arguments for the formation of a long-term trough at Rs 700 last week. The movement of the stock last week is promising and the short-term up trend can continue to take the stock higher to Rs 890 or Rs 920. Short-term traders can hold their longs with a stop at Rs 770. The subsequent support is at Rs 760.

But there is a cluster of resistances in the area between Rs 870 and Rs 950 that can impede any medium term up-move in the stock. Investors can, however, accumulate the stock every time it draws near the Rs 700-750 zone.

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