Positional call – sell BHARTI AIRTEL closing below 290 sl 327 target 250-220
holding period 2-3 month
technical chart reading –
as per the chart we can see that stock has able to give proper close below its 100 and 200 DMA level, which can indicate that one more fall on chart will confirm the selling signal on chart.
another thing is to notice, 2nd time it has cross the bollinger band with red bar, so more red bar on chart can confirm the bollinger band riding towards downside.
stock is having a good support at 290 level, which is indicated by its running trendline on chart so more fall below this level only.
RSI given the “NEGATIVE DIVERGENCE” signal on top, where price has made the new high but rsi fail with the same and before going into oversold zone it started to fall now, so breaking the downside support can result into fall till expected target levels.
so overall chart development suggest that if it able to give close below 290 level then only we can see upcoming fall in this stock.