Mar 21, 2013, 06.17 PM | Source: CNBC-TV18
Parag Doctor, Head - Trading Strategies, Keynote Capital's Ltd is of the view that Bharti Airtel has strong resistance of Rs 325.
Parag Doctor (more)
Head - Trading Strategies, LKP | Capital Expertise: Equity - Fundamental
Doctor told CNBC-TV18, “If we analyse Bharti Airtel ’s technical pattern closely the stock has been in a very sideways kind of trend for the last three or four years. There has not been any clear cut up trend at all and it has been currently trading between Rs 280 on the downside and Rs 320-325 on the upside."
He further added, "There is strong resistance at the Rs 325 levels on the longer term averages so unless we sustain above that I would be susceptible and suspect about this rally and I would prefer to exit my longs or at least reduce longs partially in this particular rally. So, I would advice to reduce positions now and only if Rs 325 is sustained you should consider getting back into the stock."
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The telecom major will seek shareholders' approval