Bharti Airtel has support at Rs 825
Atul Suri of Marathon Trends is of the view that Bharti Airtel has support at Rs 825. It has to hold those levels and only if it sort of moves above the Rs 1,000-1,050 levels will it be worth getting into new highs actually will it be worth a momentum trade. Till then it has a lot of interest value but its not much of a money value, he added.
Suri told CNBC-TV18, “Bharti for years we have seen that whenever the market was getting into new highs, this right from index of 4,000 to 6,000. One of the first stocks that got into new highs was Bharti and here was an out performer month after month, quarter after quarter, year after year and for the last six months Bharti has been where it is and its been kind of moving in this 100-200 point of range and if you really look at the chart of Bharti, it kind of worries you because if you look at the long-term charts, you have got this real vertical move and kind of a distributive kind of phase that there is.”
He further added, “For Bharti especially at the moment for momentum players there is not much there, but for Bharti Rs 825 is a support that will very important. It has to hold those levels and only if it sort of moves above the Rs 1,000-1,050 levels will it be worth getting into new highs actually will it be worth a momentum trade. Otherwise for long-term players, long-term investors- Rs 825 as support is very important. Till then it has a lot of interest value but its not much of a money value. Money value is more in RCom because on the charts you really haven’t seen that length of distributive patterns. Yes it’s under performed but Reliance Communications still gets into new highs and gets into new territories. So, I personally think that RCom is something, which would really make more money at the moment. May not be such a dampener as Bharti has been for last many days.”
