Bharti Airtel headed for a multi-year breakout; stock can double from here

The Sunil Mittal-owned company reported a net profit of Rs 283.5 crore in the first quarter of the current fiscal (Q1FY22), which was much lower than the consensus estimates

After recording an all-time high of Rs 543.55 in 2007, Bharti Airtel shares have traded in a broad range of Rs 520 to Rs 200 from mid-2009 till February 2020. Thereafter, the year 2020 saw the counter break past this consolidation range. However, the price action could not lift the volumes in the favour of the bulls. The selling pressure continued to dominate the stock price above Rs 600 mark.

At the current juncture, it will be Airtel's third attempt to conquer the selling pressure in the range of Rs 630 to Rs 600 levels. And if it breaks past