Hi Kooldude...obviously missed your Bharti query earlier, friend.
Well...Bharti did move past 363, attempted 370 plus levels on insignificant volume, and even closed around 370-372 for a couple of days. This is the area it's tested end November last and yet again has fallen back to 363 last close.
In the short term this is a weakness as it hasn't attracted buying interested at the old high...and then dipped again. It would come as no surprise if the price drifts southwards to test 358-362 again and hopefully not any lower. The pullback on Friday came on slightly increased volume.
From a short term perspective it does appear as if there is sluggishness at the line that extends from 358 to 385.
Volume is a must at this point to push it past the range it has been confined to since September. Volume plus resting above 370 for a few sessions should certainly get it through this range.
The assumption was that a move above 363 would draw buyers and volume of course, but it didn't come to be.
It has underperformed this rally since September and the latest results didn't quite shine as they normally do. But on the positive, it didn't quite get taken to the cleaners during the pre Diwali fall like so many other strong counters.
I don't know about 400 by Budget...it may or may not happen. But it will eventually...and well past 400. It's a great company to be invested in.
Don't know your entry so cannot suggest a stop, but around and below 340-345 is a bearish area.
Bye for now.