Stock Ideas: Sell Bharti Airtel; Target at Rs 240

Check out the trading strategies for defensives and other frontline stocks with Mudit Goyal, technical analyst at SMC Global.

Bharti Airtel, country’s biggest mobile-phone services provider, declined nearly 3 percent in the afternoon trades after the Supreme Court prevented the telecom company from adding new third generation, or 3G customers in seven circles.

Check out the trading strategies for Bharti Airtel along with other frontliners with Mudit Goyal, technical analyst at SMC Global.

Smartinvestor : Bharti Airtel has fallen whopping 3% post the Supreme Court hearing. What is your call on this particular stock?
Mudit Goyal : After registering its 52 week high of 370 levels, stock is continuously moving lower trading in lower highs and lower lows sort of downward sloping channel on weekly charts which is bearish in nature. Recently, stock has given the neckline breakdown of “Head and Shoulder” pattern on daily charts which is considered to be bearish. Daily as well as weekly charts suggest more downside upto 250-240 levels in near term.

Smartinvestor : So is this the right time to go short on Bharti Airtel?

Mudit Goyal : Yes, make short for the downside target of 250-240.

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