Bharti Airtel was one loser stock in today's positive market. It is now just near it's multi month support of Rs near Rs 270/-. The ZAIN take over is not being taken positively by the markets and it seems that Bharti wants to sustain business growth and profits by 'inorganic' growth rather than organic one.
The volumes have been huge at the support level and a break and close below Rs 265 should be viewed negatively.
Keep a close watch on other telecom operators as the sector itself may go in for a downward re-rating.
Happy trading !
CA Rajiv D Khatlawala
ValueTrade Academy Pvt Ltd.
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