Bharti Airtel has target of Rs 332: Thacker

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Bharti Airtel has target of Rs 332: Thacker

Mitesh Thacker, Technical Analyst, miteshthacker.com is of the view that Bharti Airtel has target of Rs 332.

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Excerpts from Closing Bell on CNBC-TV18 Watch the full show » ALSO READ See previous views by Mitesh Thacker See what other Experts & Brokerages are saying about Bharti Airtel See messages about Bharti Airtel Bharti Airtel BSE | NSE 30/05/12 Are Mutual Funds betting on Bharti Airtel?

Mitesh Thacker, Technical Analyst, miteshthacker.com is of the view that Bharti Airtel has target of Rs 332.

Thacker told CNBC-TV18, "S Kumars is one of the stocks that I picked up today for Bull's Eye. It has done much better than what I expected for the day. I did comment about the fact that it has broken out of a triangular pattern on weekly charts, so the breakout is very massive and we are seeing the aftereffects of that breakout happening today. I think Rs 63 was the first target which we were looking at and probably it can even go to as high as Rs 75 over the next few weeks. I think you will see some kind of profit booking coming in after the kind of moves which we have seen over the last four-five days.

He further added, "After a long time Bharti Airtel is showing some kind of strength in fact we were not looking at the stock getting beyond Rs 308-309 mark, which is where the 89-day average is. That is a significant average because the last two upswings have been halted at this average. So I think today it has given some kind of a breakout, it probably signals continuation of the momentum, I think Rs 332 would be a good target for this stock. So even now fresh positions can be take for the next week with Rs 4-6 stop loss."