Market Trading Guide

The long-term structure of the counter looks lucrative as it has witnessed a breakout of Long Trend-line resistance with strong volume. It also experienced the breaking of an Inverse Head and Shoulders formation on the weekly timeframe. It trades above all-important moving averages. On the upside, Rs. 460 is the psychological resistance level; above this, we can expect a rally towards Rs. 490. On the downside, Rs. 380 is an important support level during any correction,said Pravesh Gour, Senior Technical Analyst, Swastika Investmart.

Bharti Airtel: Buy| Target: Rs 940

The counter has witnessed a breakout of the triangle formation with a huge volume. It has retested its last breakout level at Rs. 860 and starts a new leg of rally towards Rs. 900. The structure of the counter is good for long-term investors because it is trading above all important moving averages.

On the upside, Rs. 900 is an immediate hurdle. Above this, we can expect a move towards Rs. 940+. On the downside, Rs. 850 is an important support level.

(Pravesh Gour, Senior Technical Analyst, Swastika Investmart)

Read more:

1. "Market Trading Guide: LIC, Wipro, Bharti Airtel among 9 stock recommendations for Monday" - The Economic Times
2. "Monday Market Opening: Zomato, Vodafone Idea, Dish TV Go Bullish" - Business World
3. "Stocks To Watch On 7 August: Reliance, Britannia, BHEL, Others In News" - Outlook
4. "Sumeet Bagadia of Choice Broking Recommends 2 Stocks To Buy On Monday, 7th Aug" - Good Return