Trade Idea - BHARTI AIRTEL 12-Mar-21

CMP: 525.85

Monthly Trend - Up  Huge rounding bottom formation

 Price retesting breakout levels
Weekly Trend – Up  Price approaching 50 EMA
 Hammer formation
 Price at 50% retracement

Daily Trend – Downtrend  RSI at 40
 Price at 200 EMA in an overall uptrend for seond time after trend change

 Overall range 15273 – 14467

 As long as 14862 is held next target 15180-15273-15375-15450
 If we don’t sustain 14862 then lower targets 14850-14650-14470
 Channel target 15600
Summary
 Slight change in levels on upside but we are still in the range so approach has to be cautious with
SL/Trailing SL in place to protect profits.
 Buy at support and sell at resistance is the strategy
 Key resistances yet to be crossed on indices. Nifty looks stronger and BNF is yet to make a move
 Stocks specific market.
 Gap up can be used to book profits or trail below days low or previous days close.
Trade Plan
 Exit on signal near Resistances or trail SL Trade as per levels
 Intraday trades to be taken on both sides as per market.
 Swing trades can be taken if we breakout and pullback to 50 ema retest on hourly.