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Buy Bharti Airtel, target Rs 366: Shitij Gandhi

Traders can accumulate the stock in a range of Rs 332-338 for the upside target of Rs 366 levels and a stop loss below Rs 310, says Shitij Gandhi of SMC Global Securities.

January 16, 2019 / 11:53 AM IST
 
 
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Shitij Gandhi

Bharti Airtel made a double bottom pattern around Rs 280 levels on the daily charts and took a V-shaped recovery towards Rs 320 levels.

On the daily interval, the stock has formed an inverted head and shoulder pattern and has also managed to give breakout above the neckline of the pattern this week along with positive divergence on secondary indicators.

Traders can accumulate the stock in a range of Rs 332-338 for the upside target of Rs 366 levels and a stop loss below Rs 310.

(The author is a Senior Research Analyst, SMC Global Securities Ltd.)

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first published: Jan 16, 2019 11:53 am
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