Looking at 340-346 level on upside for Bharti: Jitendra Mehta

ET Now spoke to Jitendra Mehta, Technical Analyst, Edelweiss, for his views on Bharti.

You like Bharti and you do not like BPCL and a sell on that one, explain these?

In fact both the stocks are representative of the respective sector calls also. We like Bharti. Technically, it is a very nice breakout. It has just moved above its 200 DMA. It is normal flat pattern breakout. It is poised for an up move and might surprise on the upside. So 340-346 level is what we are looking at on the upside.

An extremely good risk reward of 1/3-1/4 on Bharti. BPCL, entire OMC basket, HPCL, BPCL and IOC have been actually showing a lot of weaknesses. They topped out pretty well.

There is some kind of downside at this level and 600 is a level which we look on BPCL on the downside. So it would be a short at this level and the same also holds for HPCL and IOC where we find further downside.