Buy Bharti Airtel for target of Rs 335: IIFL

MUMBAI: IIFL is of the view that Bharti Airtel has formed bullish ‘piercing line’ pattern on candlestick which corroborates trend reversal from the down trend. It has reieterated ‘Buy’ for target of Rs 335.

“Bharti Airtel has bounced back from strong support zone which corresponded to 50% Fibonacci levels and followed with support of long term moving average of 200 days.

After yesterday close above Rs321, stock has formed bullish ‘piercing line’ pattern on candlestick which corroborates trend reversal from the down trend. However there could be anther attempt to retrace yesterday’s up move which comes at levels of Rs316.

We advise buying stock in the range of Rs316-319 with stop loss of Rs311 for target of Rs335.

Note: Trading idea valid for time period of 5 days.