Chart Idea – Bharti Airtel
Bharti Airtel Limited is a leading global telecommunications company with operations in 18 countries across Asia and Africa. Headquartered in New Delhi, India, the company ranks amongst the top 3 mobile service providers globally in terms of subscribers. In India, the company’s product offerings include 2G, 3G, and 4G wireless services, mobile commerce, fixed line services, high-speed home broadband, DTH, enterprise services including national & international long distance services to carriers. In the rest of the geographies, it offers 2G, 3G, 4G wireless services, and mobile commerce. Bharti Airtel had over 423 million customers across its operations at the end of March 2020.
Revenue at Rs. 875,390 million (Full Year ended March 31, 2020) including the impact of IndAS 116 Rs. 807,802 million (Full Year ended March 31, 2019) and EBITDA at Rs. 371,053 million (Full Year ended March 31, 2020) including the impact of IndAS 116 Rs. 262,937 million (Full Year ended March 31, 2019).
Technical View on Bharti Airtel
The stock has formed a Dragonfly Doji candle on the weekly chart.
After a sharp downside rally stock has formed the Doji pattern on the weekly basis and retrace to its 50% of previous upside rally on the above chart. Indicators like RSI and Stochastic have taken a sharp reversal from the lower levels and the stock has taken support near its 50 day Moving Average and close above it on the weekly chart.
Now we will expect an upside reversal in this stock.
Traders can buy Bharti Airtel above 500 levels. We will expect a sharp upside movement till 540 and further to 565 levels in the coming days.
Support and stop loss below 468 levels on a closing basis.
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