Bharti Airtel: is getting ready for a rally?

Bharti, once a Leader, went completely off radar because of sectoral mess. It has been 5 years now and stock has done nothing trending just bouncing off between 240 and 440. But with worst of the sectoral issues behind and market poised to rally – Bharti Airtel stock looks set to perform.

Here’s the weekly chart of the stock -

 

 As you can see in the chart above – Bharti stock developed a nice triangular pattern on weekly chart over last 24 months. And in last couple of weeks – it seems stock has broken out of the triangle and looks set to rally higher. These triangle breakouts initially are very tricky and hence one can look to buy but be prepared to exit if stock fails to hold certain support levels. In the above case – we are looking at support of 330. The target on the upside is 440.