Airtel: Bobbing Up and Down Near Support

BHARTI AIRTEL Daily NSE Stock Chart Technical Analysis:


Airtel maintained its status above the 200 DMA today.

Close & CMP: 323

Market Outlook:

• The price seems to be moving upwards.  Let's see how far it goes.  If it goes up tomorrow as well and the other indicators are looking right, there might be an opportunity to take a long position.
• Airtel आज ऊपर गया है.  शुरुआत में भाव गिरा लेकिन उसे ३०४ पर लॉन्ग टर्म सुप्पोर्ट मिल गया, और फिर भाव वापिस अपने २०० DMA और ३१९ सुप्पोर्ट के ऊपर जा के बंध हुआ.

Technical Indicators:

• A piercing candlestick pattern has occurred.
• The 200 DMA and long term support levels at 319 and 304 are helping the stock price sustain.
• Today's rise is accompanied with high trading force.
• The momentum oscillators are showing an upward rise.
• There is hope that Airtel will make an upward correction.

All previous posts related to Bharti Airtel 


BHARTI AIRTEL Daily NSE Stock Chart Technical Analysis

Airtel: At 200 DMA Support

BHARTI AIRTEL Daily NSE Stock Chart Technical Analysis:


Airtel fell again today, but has found support.

Close & CMP: 317

Market Outlook:

• The price fell today but found support at the 200 DMA.
• Moreover, there is double support as a previous consolidation area is also co-inciding with the 200 DMA.
• There is a chance that the price fall may be curbed.
• If the price falls below its 200 DMA, then Airtel will present an opportunity to go short.
• Airtel आज फिर गिरा.  लेकिन उसे अपने २०० DMA पर सुप्पोर्ट मिल गया है.  अगर २०० दमा को तोड़ कर नीचे चला जाता है, तो हमें शोर्ट पोसीशन लेने का मौका मिलता है. 

Technical Indicators:

• The price is resting on its 200 DMA.  In Nov 2010, the price touched its 200 DMA and rose back.  Let's see if the same will happen now.
• There is a previous consolidation area near today's closing price.  This is also acting as support.
• Momentum is improving, which is a good signal as well.
• The price rose above its 200 DMA in June 2010.  Falling below the 200 DMA is largely negative and if that happens, the stock price might then remain below 300 for some time.  

All posts related to Bharti Airtel

BHARTI AIRTEL Daily NSE Stock Chart Technical Analysis

Airtel taking support of 200 DMA, Resistance at 318.50

AIRTEL Daily NSE Stock Chart Technical Analysis:

Airtel remained range-bound on a day when the market tanked, and was able to hold fort and remain where it opened.

Open: 312.95  Close: 313.45  High: 319.50  Low: 311

Market Outlook:

• Market remained indecisive today and has tested its previous support at 318.50 which is now acting as resistance.

Technical Indicators:

• An indecisive Doji candlestick formed today.
• The price tried to return back to its support line at 318.50.  But now this same support line is now acting as resistance.
• The price has taken support of 200 DMA near Rs 307.
• Tomorrow is a crucial day and the price could try to rise above 318.50 once again.

AIRTEL Daily NSE Stock Chart Technical Analysis

Airtel Weekly: 1-5 Nov 10: Support @324 will Rise this week

BHARTI AIRTEL Weekly NSE Stock Chart Technical Analysis:

 Airtel closed with an Inverted Hammer formation this week and was traded without much interest throughout the week.  

The CMP at end of week is Rs. 329.50.

Market Outlook:  

• The next week, we will see the price taking support at Rs. 324-326 levels, after which the price will rise again.  This is positive news after more than a month, as the price began its fall in late September.
• This is going as analyzed.  Last week, I had analyzed that Airtel will fall this week and rise in the next week.  This week the price has fallen and is expected to rise back next week.
• Buy if price crosses Rs. 332.
• Sell if price falls below Rs. 320.
• (Buy or sell only if price remains above or below these levels for 2-3 days without showing any signs of return, or there is a strong signal from other technical indicators).
• If the price starts rising, it should rise until Rs. 376 where it faces resistance.

Technical Indicators:

• The week ended with an Inverse Hammer Candlestick with low trading interest.
• The Fibonacci Arc 38.2% is acting as support for the price and will most definitely signal a reversal and the price will move up again.
• The short term moving averages are close to each other and a good move can be expected soon, most probably upwards.
• If the price manages to fall this week, the support will be at Rs. 300 - 305 levels.
• If the price rises then by Dec end it will face resistance at Rs. 376 levels.

News (Company's Fundamentals):

• The market is awaiting the launch of 3G services.  If this is well taken up by the market, the company's revenues will go up in all quarters of 2011 as compared to the current year.
• The company's quarterly results are not very good when looking at the results.  The net profits of the company are down.  But the reserves have moved up which is good as this allows the company to make big moves in the market in 2011 in terms of acquisitions and launching new services.   All eyes are right now on 3G and if it can work magic for Airtel.

BHARTI AIRTEL Weekly NSE Stock Chart Technical Analysis

Airtel Falling: Support @ 321 and then at 318

AIRTEL Daily NSE Stock Chart Technical Analysis:

As discussed in earlier posts on Airtel, the stock continues to fall for the 3rd day today. 

The price opened at 330.2 and closed at 326.15.

Market Outlook:  The price will fall further as well.  The points of support which might stop this fall are at 321 and 318.  If 318 is breached downwards with heavy intraday selling, it time to prepare to go short preferably a couple of days after that.

Technical Indicators:

The selling increased compared to yesterday, which shows that people are interested booking profits at this price level.  This is driving the price downwards.

News:

Watch out for any confirmation on the Qualcomm purchase deal.

As number portability (MNP) comes into play, Airtel is slated to be a big loser as it is the No 1 player.  This can make the numbers shaky for Airtel and affect the stock price negatively and then it might take time to recover from the fall.  Keep an eye on the MNP and its implications.

Airtel U-Turn Downwards

AIRTEL Daily NSE Stock Chart Technical Analysis:


As analyzed in yesterday's post, Airtel price on NSE fell back today after a gap-up yesterday.  The market returned to yesterday's opening price.

The market opened at 335.3 and closed at 329.25.

Market Outlook:  Tomorrow the stock will fall further, though probably not with the same intensity as today.  

Technical indicators:
The 20 day moving average has crossed the 50 day moving average.  That's sad.
A Counterattack Candlestick was created.  That's not too happy either.

Airtel Gap-Up

Airtel Daily NSE Stock Chart Technical Analysis:

Airtel jumped up and was one of the big gainers along with NIFTY today.

The price opened gap up at 329, whereas yesterday's open was 328.  The price rose steadily throughout the day and closed at 335.3.

Market Outlook:  It is not likely that the market will be able to continue today's pace tomorrow, unless people jump in thinking this is a rally, in which case it might be positive tomorrow as well and slow down the day after.  In any case, definitely sideways.

Technical Indicators:

• The market formed a positive marabozu candle today, price rising throughout the day.
  
• The volume is quite low, even though the price gapped up and rose throughout the day.  Too many people didn't participate today, just a few people changed hands at higher prices which the market overall seemed to not consider very believable.
  
• Moving averages have converged and after 2.5 months, the 20 day MA is about to cross the 50 day MA.  That's a good signal.
  
• The price got support near Rs. 220, where it made a double bottom.  This is also a previous consolidation level of the market, and it is positive that the price didn't break through and went back up again.
  
• The price has broken a trend line triangle.  The diagonal should serve as a support line for the next 3-4 days.

Airtel Weekly: 25 to 29 Oct 2010: Bearish Candlestick

The market remained indecisive about the Airtel stock price on NSE.  After 4 weeks of sharp fall, the price has found resistance and has moved sideways this week.  The next week does not look very positive, but the sideways could continue and a further fall could remain curbed.  The price should be able to remain supported  and not fall below 310-320.  Even if it does, it will quickly retrace upwards.  If the price goes and remains lower than this price level, alarm bells are ringing!

• Airtel Weekly stock price chart on NSE shows a bearish candlestick.  This is the 5th consecutive week that has ended with a bearish candlestick.
• However, this week's high and low are very similar to the last week's high and low.
• The price has found support just above the Fibonacci 50% level, which is an important support point.
• Coincidently, the current price level is also supported by the 40 week moving average (not shown on this chart).  The moving averages have come close to each other, and the price could enjoy another upswing soon.
• The volume is average compared to other weeks.
• The stock price this week is closing in to its over sold levels, though its not completely oversold yet.  One more week and the stock may hit the bottom and start rising again.  Keep an eye on the oversold levels and a buy signal when it turns.  The daily chart (not shown here) has suggested that the market will try to return upwards on Monday opening.

Airtel Upper & Lower Limits

Watch out Airtel stock on NSE for these levels - 377 and 329.7, once either of these are broken, the stock will enjoy a rise / fall.  

Lets see how the market opens tomorrow, no bets as of now.

Chart Source: www.moneycontrol.com

Airtel could fall further in this week

Airtel has formed an evening star pattern on the NSE weekly chart.  The MACD has slowed down, and %K has made a negative crossover.

All signs that October 18 - 22 could be another difficult week for this stock.  

Refer my earlier posts for Fibonacci support level.

Chart Source: www.google.com/finance

Airtel continues to remain below its 4 month price support line and price channel for the 3rd consecutive day. Today, it has also breached the Fibonacci level of Rs. 334.40 as it made an intraday low of Rs. 336.35.

But the stock has risen since that low and created a bullish engulfing candlestick pattern.  The stock is showing undersold levels as well.  

So it might rise again tomorrow and try to get back into the price channel.  Let's wait and watch.  If the stock fails to make it back into the price channel inspite of efforts, its time to prepare to book profits.

Chart sources: in.reuters.com, www.moneycontrol.com

Airtel falling below in Price Channel

Airtel has just breached its 4-month support line and price channel.  The stock is oversold and may bounce back.  If market continues to go downwards it's time to tighten your stoploss if you have not already done so.

Keep an eye on the stochastics movement for clues.  Doji formation on 11th shows some resistance to the stock in moving further downwards.

Chart Source: in.reuters.com, www.moneycontrol.com

Airtel reaches support point

Airtel continues in its 4 month price channel, touching the support line today.  Coupled with stochastics, it indicates that the price should go up again tomorrow, atleast to the point of resistance.  Unless the market opens lower than support tomorrow, today indicates a buy signal for Airtel tomorrow.

Chart Source: www.moneycontrol.com, in.reuters.com

Airtel in Price Channel

The candlesticks don’t suggest anything specific right now but the stock is moving in a price channel. If it breaks below this price channel, then we should be on alert and watch candlesticks in coming days for guidelines.

Chart Source: www.moneycontrol.com