Sell Bharti-Airtel on Rise
1) Bharti Airtel has seen massive correction from 370 Rs levels to 308 in the last one month. Today, as well we have seen the stock under pressure, despite markets rebounding in the last one hour.
2) Open Interest for the stock has increased by 9% on Day to Day basis. Around 14 Lacs shares have been added.
3) 4.6 Lacs shares have been added in 320 Feb Call and Premium too down from 5.05 Rs to 3.45 Rs. It indicates strong resistance around this level.
4) On the technical charts, one may see some support at 297 Rs.
5) RSI too looked a bit oversold and hence, we may see some short covering coming in the stock in the next 2-3 days.
6) Thus, advice is to sell Bharti Airtel on rise around 311-312. One may put Stop-loss at 323 as 320 seems good resistance to overcome.
Happy Trading :)
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